Jakarta. Mining company Bumi Resources (BUMI) reported a 51.2 percent drop in net profit in the first half of the year, with the company blaming falling coal prices, bad weather, and royalty fees for the downturn.

Bumi’s net profit stood at $81.8 million, a steep fall from $167.7 million in the first half of 2022. First-half revenue was down by 8.6 percent year-on-year to $886.3 million.

If consolidated with revenue from subsidiary Kaltim Prima Coal (KPC), Bumi’s gross revenue totaled $3.3 billion but was still down by 13.3 percent from the figures in the same semester last year. Bumi Rresources has a 51 percent stake at KPC.

Corporate Secretary Dileep Srivastava said Bumi and its subsidiary had to pay $1 billion in royalty in the first half of 2023, accounting for 31.2 percent of gross revenue.

“A long period of heavy rain also contributed to the downturn,” he said in a statement.

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