ITMG Raises Net Profit Of 273 Million US Dollars Throughout The Third Quarter Of 2024

Illustration. (Photo: Doc. Antara)

Quoted from the company's financial report, Tuesday, November 12, ITMG recorded a decline in company revenue by 9 percent year-on-year (yoy) due to a decrease in the average selling price (ASP) even though the cost of revenue decreased by 3 percent yoy. Throughout the third quarter, ITMG recorded revenue of 1.65 billion US dollars from the same period the previous year of 1.82 billion US dollars.

In terms of profit, ITMG reported a net profit for nine months ending on September 30, 2024, amounting to USD 273 million from the previous year which was recorded at USD 405.83 million.

The production and sales volume of coal increased by 12 percent yoy to 17.1 metric tons (MT), respectively.

Meanwhile, the cost of revenue fell 3 percent yoy to 1.17 million US dollars in the third quarter from the same period the previous year of 1.21 million US dollars. It is known that this is due to lower royalty costs which are in line with the decline in ASP.

Then the increase in coal mining and transportation costs by 7 percent and 9 percent respectively was due to an increase in production volume to 15.0 million tons in the third quarter of 2024. This number increased by 12 percent yoy compared to the third quarter of 2023 which was recorded at 13.4 million tons.

ITMG also reported selling expenses increased 43 percent yoy in line with higher sales volume during that period while general and administrative expenses decreased 26 percent yoy due to a decrease in mining administration expenses.