ITM output up 10% in 2012
Thursday, March 14 2013 - 09:27 AM WIB
IDX-listed PT Indo Tambangraya Megah (ITM), the Indonesian subsidiary of Thai giant Banpu, produced a total of 27.5 million tons of coal in 2012, up 10% from the previous year production of 25 million tons. The output, the company said in a statement to the IDX Wednesday, is 2 percent higher than the initial output target of 27 million tons for that year.
Of the total output, PT Indominco Mandiri produced 54 percent or 14.8 million tons, while PT Kitadin (Embalut and Tandung Mayang) produced a total of 3.5 million tons, which is 106 percent higher than the previous year.
The company stated that the year marked the start of operation of PT Bharinto Ekatama in its concessions in Central and East Kalimantan, though it did not state the output of any of the concessions. It stated that it managed to maintain its average selling price at the level of US$90.1 per ton, or falling at less than 6 percent throughout the year 2012 even when the average selling price of coal in the global market dropped by about 25 percent.
The company recorded the highest coal sales in 2012 at 27.2 million tons at US$2,439 billion or 2 percent higher than the recorded sales of US$2,382 billion in the previous year. This sales volume is 3 percent higher than the initial target of 26.5 million tons.
The company sold a total of 14.9 million tons of coal to China (26 percent), India 3.3 million tons and Japan, while about 2.6 million tons of coal were shipped domestically. It has also embarked on new market, namely New Zealand (32,000 tons).
The company however admitted that the drop of coal price has affected its net profit, which was down to 18 percent from 23 percent in 2011. Total asset fell by about 6 percent while price of its share went down from US$0,48 in 2011 to US$0,38 in 2012.
Editing by Er Audy Zandri