Coal Price Drops, ITMG Profit Drops 51 Percent To 134 Million US Dollars

Coal (Photo: Antara)

JAKARTA - PT Indo Tambangraya Megah Tbk (ITMG) recorded a decrease in net profit until the end of September 2025. Based on a written statement from the company, net profit was recorded to have decreased by 51 percent from the previous period to 134 million US dollars. Previously in the same period in 2024, net profit was recorded at 273 million US dollars.

Revenue from coal sales was also recorded to have decreased by 17 percent from the previous USD 1.657 million to USD 1.369 million.

"This decline was mainly due to a 21 percent yoy average decline in selling prices from 97 US dollars per ton to 77 US dollars per ton in line with the weakening of coal prices," the management wrote, Tuesday. November 11.

However, coal sales volume increased by 4 percent on an annual basis to 17.9 million tons. Meanwhile, the company's cost of goods decreased by 12 percent yoy to 1,042 million US dollars reflecting better operational efficiency and cost control.

"The net sales decreased by 8 percent to 120 million US dollars while general and administrative expenses increased by 21 percent to 27 million US dollars," management continued.

As of September 30, total ITMG assets were recorded at 2.38 billion US dollars, slightly decreased from 2.40 billion US dollars at the end of 2024. Cash and cash equivalents were recorded at 972 million US dollars, representing 41 percent of total assets.

On the other hand, total ITMG liabilities increased slightly to 475 million US dollars from 473 million US dollars at the end of 2024. Total equity decreased to 1.90 billion US dollars, from 1.93 billion US dollars at the end of 2024, mainly due to a decrease in retained earnings which decreased to 1.46 billion US dollars from 1.49 billion US dollars at the end of 2024.