Mar 28, 2011

Indo Tambang eyes US$2.25 bio revenue

Coal miner PT Indo Tambangraya Megah Tbk (ITMG) expects to reach revenue up to US$2.25 billion this year, a 40.63% increase from US$1.6 billion last year. Sales volumn is targeted to increase to 25 million tons from 22 million tons.
"We estimate our average selling price this year is about US$85-US$90 per ton," said Indo Tambang's President Director Somyot Ruchirawat today.
The company is eyeing an opportunity to acquire up to three coal mines in Kalimantan. Several mines are greenfield and one has commercially produced. Indo Tambang will use internally generated cash flow to support the acquisition.
The company was agreed to distribute a total dividend of Rp1,202 per share which will paid on May 6 2011. Previously, Indo Tambang paid an interim dividend of Rp795 per share in June last year. The company will distribute the remaining dividend of Rp407 per share.
"In total, about 75% of Indo Tambang's net income will be distributed as dividend. We posted US$204 million net income last year," said Indo Tambang's Finance Director Edward Manurung.

Disclosure: No position at the stock mentioned above.  

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