ITMG reports 21% increase in sales revenue
Friday, November 10 2017 - 01:16 AM WIB
Despite lower coal production and sales volume, IDX-listed coal mining firm PT Indo Tambangraya Megah Tbk (ITMG) said that sales revenue in the January-September period of this year increased by 21 percent thanks to higher average selling price.
The company reported on Thursday that net sales revenue in the first nine months of this year (9M17) increased to US$1.16 million from $958,44 in 9M16.
The company said that coal production in 9M17 totaled 16.2 million tons, down from 19 million tons in the corresponding period of last year. ITMG, which has set coal production target of 22.6 million tons this year, did not say the reason for the lower output but other miners have reported that unseasonable heavy rainfall had affected production activities particularly in the first-half of this year.
Coal sales volume totaled 16.5 million tons, down from 20.1 million tons in 9M16.
ITMG has five producing coal concessions in Kalimantan operated by subsidiaries PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Bharinto Ekatama, PT Kitadin (Embalut and Tandung Mayang) and PT Jorong Barutama Greston.
Elsewhere, ITMG said that gross profit in 9M17 jumped by 79 percent to $346,881 compared to $193,663 in 9M16.
EBITDA soared by 119 percent to $ 310,274 from US$ 141,757, while profit before tax surged by 153 percent to $250,155 from 99,027.
Net income in 9M17 jumped by 147 percent to $172,172 from $69,590 in the same period of last year.
Editing by Reiner Simanjuntak