Performance Improves, J Resources Revenue Rises 121 Percent in Q3-2023

JAKARTA, Investor.id - The operational and financial performance of national gold mining company PT J Resources Asia Pasifik Tbk (PSAB) or known as J Resources improved in the third quarter of this year. The company posted revenue of US$ 93 million, up US$ 16 million or 121 percent compared to the September 2022 period.

This achievement was supported by the operational side which also increased by recording total gold production up to September 2023 of 50,151 oz, an increase of 7,114 oz or up 16.5 percent compared to the achievement in September 2022 which amounted to 43,037 oz. J Resources recorded total gold sales up to September 2023 of 49,198 oz, an increase of 6,199 oz or 14.4 percent compared to the achievement in September 2022, which amounted to 42,999 oz.

J Resources recorded a gross profit up to September 2023 of US$ 51.2 million, an increase of US$ 19.2 million compared to September 2022, which amounted to US$ 32 million. Meanwhile, J Resources' operating profit up to September 2023 amounted to US$23.6 million, an increase of US$16.1 million compared to September 2022, which amounted to $7.5 million.

"The improvement in our operational performance in the third quarter of 2023 is reflected in the improvement in profit after tax compared to the June 2023 period. In addition, the average production amount in the first and second quarters of 2023, which was 15 thousand oz, while in the third quarter it increased to 20 thousand oz. In accordance with the planning that we have made, there will still be an increase in production in the fourth quarter of this year," said PSAB President Director Edi Permadi.

"Production in October 2023 reached more than 15 thousand oz and with a fairly stable daily production trend, we are optimistic that our total production in 2023 can reach up to 100 thousand oz. In addition, the high gold commodity price will add value to our annual performance this year." Edi added.For information, J Resources currently operates several gold mines, namely in Bakan managed by PT J Resources Bolaang Mongondow (JRBM) and the Penjom mine in Malaysia. J Resources is also developing the Doup mine managed by PT Arafura Surya Alam (ASA).