Lesu's Revenue, Indo Tambangraya Megah's Net Profit Drops 33.39 Percent

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - PT Indo Tambangraya Megah Tbk (ITMG)'s net profit fell 33.39 percent to 306.94 million US dollars or equivalent to Rp4.66 trillion in the first semester of 2023. This amount is compared to the same period the previous year at 460.82 million US dollars.

The mining sector issuer posted a net income of US$1.30 billion in the first semester of 2023, or a decrease of 8.45 percent (yoy) compared to the previous US$1.42 billion in the same period last year.

Quoting Antara, the company's revenue was contributed by coal sales to third parties amounting to 1.24 billion US dollars and related parties 51.39 million US dollars, where sales to third parties decreased 9.49 percent (yoy), while to related parties rose 23.35 percent (yoy).

Then, the company's revenue in the first semester of 2023 was also obtained from third party services worth 2.34 million US dollars, or grew 134 percent (yoy).

However, amid the decline in revenue, ITMG's cost of revenue actually increased to US$840.94 million in the first semester of 2023, from the previous US$672.38 million in the same period last year.

Then, selling expenses were recorded at 63.71 million US dollars, general administrative expenses amounted to 20.46 US dollars, financial expenses of 1.82 US dollars, and income tax expense of 89.51 US dollars.

The decline in the company's performance made ITMG's basic net profit per share recorded at 0.27 US dollars, from the previous US$0.41 in the same period last year.

As of June 30, 2023, the company has assets of USD 2.22 billion, consisting of current assets of USD 1.42 billion and non-current assets worth USD 805.39 million.

The company's liabilities were recorded at 430.92 million US dollars, and equity was recorded at 1.79 billion in the first semester of 2023.