Jakarta - PT MNC Energy Investments Tbk (IATA) swung to record a net profit in the first quarter of 2022 of US$9.433 million after losing US$1.303 million in the same period last year.

This positive performance resulted from the company's strategic move to acquire PT Bhakti Coal Resources (BCR), which owns 9 Mining Business Permits (IUP) in Musi Banyuasin, South Sumatra.

Revenues increased by approximately 2.543% to US$40.4 million, up from US$1.5 million in the same quarter last year.

Along with the increase in revenue, IATA's EBITDA also reversed from a negative US$300,000 to a positive US$23.5 million.

"The year 2021 will be a different year. We see drastic changes in the country, and people are willing to adapt to what is now known as the new normal. The same sentiment was shared by management and shareholders as we leaped to transform the company into a company." energy," said MNC Group CEO Harry Tanoesoedibjo in a