ITMG reports lower sales, production

By Romel S. Gurky

IDX-listed coal miner PT Indo Tambangraya Megah Tbk (ITMG) reported that sales volume in the third quarter of this year declined by 12.82 percent to 6.8 million tons from 7.8 million tons in the corresponding period of last year as the global coal market remained under pressure.

The company said in a statement that production during the quarter slightly fell to 7.1 million tons from 7.7 million tons in the third quarter of last year. This is a correction to an earlier presentation material Monday by the company which said that production during the third quarter was 7.7 million tons.

Elsewhere, ITMG said that coal sales in the first nine months of this year totaled 20.9 million tons, lower compared to 21.7 million tons in the corresponding period of last year. The company set full-year coal sales volume target of 28.7 million tons.

Meanwhile, revenue in the third quarter of this year dropped 26.82 percent to US$382 million from $522 million in the third quarter of last year.

Net income during the quarter was $65 million, or the same as in the corresponding period of last year.

ITMG has five producing coal concessions namely PT Indominco Mandiri, PT Trubaindo Coal Mining, PT Bharinto Ekatama, PT Kitadin (Embalut and Tandung Mayang) and PT Jorong Barutama Greston.

Editing by Reiner Simanjuntak