Jakarta - PT MNC Energy Investments Tbk (IATA) posted a surge in net profit of around 344.75% to US$44.95 million in the period ending September 2022, up from US$10.11 million in the same period last year.

"This growth represents an increase of 109.11% YoY from US$ 6.25 million in the third quarter of 2021 to US$13.08 million in the same quarter of this year," according to an IATA press release issued on Monday (10/24).

The booming performance of IATA is the result of the company's strategic decision to shift its business focus to PT Bhakti Coal Resources (BCR).

The company recorded revenues of US$137.62 million, an increase of 182.89% from US$48.65 million.

The company's EBITDA grew positively by 215.20%, reaching US$63.41 million from US$20.12 million. Meanwhile, on a quarterly basis, it recorded EBITDA of US$18.71 million, an increase of 47.23% compared to the same period in 2021.

Approaching the end of 2022, IAT