ITMG Earns IDR 2.02 Trillion Net Profit In Semester I 2024

Illustration (Photo: Doc Antara)

The mining issuer PT Indo Tambangraya Megah Tbk (ITMG) posted a net profit of 129 million US dollars or equivalent to IDR 2.02 trillion during the first semester of 2024.

This amount decreased by 57.9 percent compared to the same period the previous year which was recorded at 306.7 million US dollars.

Quoted from the company's financial statements, the decline in net profit was in line with the decline in the company's revenue in 2024 which was recorded at 1.04 billion US dollars compared to the same period the previous year which was recorded at 1.29 billion US dollars.

In terms of cost of revenue, it was recorded that it decreased from USD 840 million to USD 774.2 million.

So that the company's gross profit at the end of June 2024 was recorded at 275.2 million US dollars.

Meanwhile, based on its official statement, ITMG said that the decline in revenue occurred along with the falling coal price.

To note, the Company's sales volume reached 10.8 metric tons (MT), an increase of 9 percent yoy, while the average selling price of coal (ASP) fell 27 percent yoy in line with the normalization of coal prices.

In his official statement, ITMG said that his party currently has two newly operated mines.

"After going through the preparation period and mining developers from previous periods, Graha Panca Karsa (GPK) and Bank Indah Sukses (TIS) located in East Kalimantan have entered the production period," wrote the management quoted on Wednesday, August 14.