Aug 10, 2010

Indo Tambang 1H profit falls 15.49%

Thai Banpu Plc subsidiary PT Indo Tambangraya Megah Tbk (ITMG) today announces 15.49% lower net profit in the first half of this year (1H 2010) than a year earlier on the back of soaring both operating expenses and cost of goods sold.
In the financial statement available at Indonesia Stock Exchange (IDX), Indo Tambangraya posted US$134.12 million net profit or US$0.12 per share in 1H 2010 from a year earlier of US$158.70 million or US$0.14 per share.
Operating profit slightly fell 6.60% from US$213.67 million in 1H 2009 to US$199.56 million in 1H 2010. In return, Indo Tambangraya's operating margin dropped 23.8% from 31.62% in 1H 2009 to 24.29% in 1H 2010. Operating expenses ballooned 50,08% and cost of goods sold surged 32.47%.
Net sales grew 21.58% from US$675.85 million in 1H 2009 to US$821.73 million in 1H 2010.
Banpu Minerals (Singapore) Pte Ltd controls 73.72% stakes in Indo Tambangraya, while public holders hold 26.27%.   
Indo Tambang produced 11.2 million tons of coal in the first half this year. The company aims to produce 23 million tons of coal in 2010. Indo Tambangraya produced 6 million tons of coal in the first quarter 2010 and 5.2 million tons of coal in the second quarter this year, while total coal sales volume in the first quarter reached 6.1 million tons.
Disclosure: No position at the stock mentioned above.

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