Coal miner PT Indo Tambangraya Megah Tbk (ITMG), controlled by Thailand-based company Banpu Plc, suffered a 39.16% drop in net income to US$204.15 million last year from US$335.55 million because of higher costs.
In a consolidated financial statement filed to Indonesia Stock Exchange (IDX), Indo Tambang operating profit also plunged 16.73% to US$362.91 million from US$435.82 million as operating expenses enlarged 32.77% to US$178.69 million from US$134.59 million.
Indo Tambang's gross profit slumped 5.05% to US$541.59 million from US$570.40 million. Cost of goods sold inched up 20.11%. The miner posted a 10.59% increase in net sales to US$1.67 billion last year from US$1.51 billion in 2009.
Disclosure: No position at the stock mentioned above.
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