ITMG reports lower production, sales volume
Friday, May 13 2016 - 01:01 AM WIB
Thai conglomerate Banpu Pcl said that its IDX-listed coal mining unit PT Indo Tambangraya Megah Tbk (ITMG) saw lower coal production and sales volume in the first quarter of this year compared to the same period of last year amid lingering coal price downturn.
The company said in a statement Wednesday that production volume in the first quarter of this year fell by 20.51 percent to 5.41 million tons year-on-year, while sales volume slightly declined by 5.3 percent to 6.73 million tons.
?The Average Selling Price (ASP) was US$49.17 per ton which declined 12 percent QoQ. Effective cost control continued to lead improvement in operation with Cost of Goods Sold (COGS) declining substantially 9 percent QoQ to $32.58 per ton,? the company said.
The lower cost is mainly attributed to falling diesel prices to $0.33 per liter (-31% QoQ). As a result, the average Gross Profit Margin (GPM) maintained at a sound level of 34 percent.
Banpu runs its coal mining business in Indonesia through subsidiary ITMG, which has five coal mine units including PT Indominco Mandiri, PT Trubaindo Coal Mining, PT. Bharinto Ekatama, PT. Kitadin and PT Jorong Barutama Greston.
| 1Q16 | 4Q15 | 1Q15 | |
| Production (M tonnes) | |||
| Indominco - West Block | 0.71 | 0.52 | 0.21 |
| Indominco - East Block | 2.81 | 2.98 | 3.23 |
| Trubaindo | 0.95 | 1.79 | 1.69 |
| Bharinto | 0.38 | 0.50 | 0.50 |
| Jorong | 0.26 | 0.31 | 0.30 |
| Kitadin - Embalut | 0.29 | 0.33 | 0.27 |
| Kitadin -Tandung Mayang | - | - | 0.62 |
| Total | 5.41 | 6.44 | 6.81 |
| Coal sales volume (M tonnes) | |||
| Indominco - West Block | 0.59 | 0.35 | 0.29 |
| Indominco - East Block | 3.27 | 2.79 | 3.25 |
| Trubaindo | 1.53 | 1.84 | 1.92 |
| Bharinto | 0.59 | 0.87 | 0.51 |
| Jorong | 0.43 | 0.31 | 0.30 |
| Kitadin - Embalut | 0.29 | 0.32 | 0.27 |
| Kitadin -Tandung Mayang | 0.04 | 0.64 | 0.56 |
| Total | 6.73 | 7.12 | 7.11 |
Editing by Reiner Simanjuntak