ITMG aims for 5.8m tons coal production in Q2
Tuesday, May 23 2017 - 08:11 AM WIB
Petromindo
IDX-listed integrated coal mining company PT Indo Tambangraya Megah Tbk (ITMG) aims to produce up to 5.8 million tons of coal in the second quarter (Q2) this year, according to the company's recent report.
In the first quarter, the company produced 5.4 million tons of coal, slightly lower than 5.3 million tons in the first quarter of 2016, due to heavy rainfall during the period.
ITMG said in a presentation material on February 27 that coal output this year is expected to be relatively flat at 25.5 million tons compared to 25.6 million tons last year.
ITMG achieved stronger financial performance in the first quarter 2017 due to higher average selling price (ASP) at US$67.5 per ton, or 13 percent higher quarter-on-quarter. It also said that the coal price is expected to be more stable in the rest of this year.
The company bagged $57 million of net profit in the first quarter 2017, or 148 percent increase from $23 million in the first quarter 2016.
Editing by Reiner Simanjuntak