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ITM Performs Better in the Third Quarter
2013-11-12 07:49:32
PT Indo Tambangraya Megah Tbk. performed better in the third quarter compared to the previous period amidst the weak average coal selling price in the global market. Such an accomplishment reflects that the efficiency in cost management strategy being well-applied by the company has started giving positive result.
With an average coal selling price of USD72.7 per ton, the company recorded a net income of USD 61 million in the third quarter of this year or a 17% increase from USD 52 million in the preceding quarter. The sales revenue slightly rose by 3% to USD 543 million from USD 527 million in the previous quarter. EBIT significantly went up by 41% to USD 99 million from USD 70 million in the previous quarter.
In the first nine months, an amount of 21.4 million tons of coal was sent to, among others, China, Japan, India, Indonesia, and other countries in East and Southeast Asia.
In the third quarter the company produced 7.6 million tons of coal or higher output than 7.2 million tons in the previous quarter. With total output of 21.9 million tons in the first nine months of this year, the company is optimistic about attaining the target of 29 million tons for 2013.
To cope with the prolonged weak coal price, the management keeps on improving efficiency in cost management by reducing various expenses. Among others are by lowering stripping ratio, making efficiencies in logistics, applying different mining techniques, and prioritizing capital expenditure on urgent projects.
As the end of September of 2013, total assets of the company amounted to USD 1,505 million. The company booked a total equity of USD 1,017 million and was in a zero debt position. The earning per share in this period was USD 0.16.
2013-11-12 07:49:32
PT Indo Tambangraya Megah Tbk. performed better in the third quarter compared to the previous period amidst the weak average coal selling price in the global market. Such an accomplishment reflects that the efficiency in cost management strategy being well-applied by the company has started giving positive result.
With an average coal selling price of USD72.7 per ton, the company recorded a net income of USD 61 million in the third quarter of this year or a 17% increase from USD 52 million in the preceding quarter. The sales revenue slightly rose by 3% to USD 543 million from USD 527 million in the previous quarter. EBIT significantly went up by 41% to USD 99 million from USD 70 million in the previous quarter.
In the first nine months, an amount of 21.4 million tons of coal was sent to, among others, China, Japan, India, Indonesia, and other countries in East and Southeast Asia.
In the third quarter the company produced 7.6 million tons of coal or higher output than 7.2 million tons in the previous quarter. With total output of 21.9 million tons in the first nine months of this year, the company is optimistic about attaining the target of 29 million tons for 2013.
To cope with the prolonged weak coal price, the management keeps on improving efficiency in cost management by reducing various expenses. Among others are by lowering stripping ratio, making efficiencies in logistics, applying different mining techniques, and prioritizing capital expenditure on urgent projects.
As the end of September of 2013, total assets of the company amounted to USD 1,505 million. The company booked a total equity of USD 1,017 million and was in a zero debt position. The earning per share in this period was USD 0.16.
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