May 15, 2011

Indo Tambang 1Q sales revenue up

Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) for the first quarter of this year as average selling price increase 13% to US$78.17 per ton in 1Q 2011.
Banpu's Indonesian operating unit recorded 14.56 billion bath or Rp4.13 trillion sales revenue in 1Q 2011 from 13.58 billion bath or Rp3.83 trillion in 1Q 2010.
Indo Tambang for the full year of 2010 posted Rp14.36 trillion in net sales, a 10.55% from Rp12.99 trillion a year earlier.  
However, both coal sales and production droped 12.29% and 13.02% respectively. Coal sales from Indonesian unit fell to 5.35 million tons from 6.10 million tons. Coal output also dropped to 5.21 million tons from 5.99 million tons.  
Gross profit increased 10.92% to Rp1.93 trillion from Rp1.74 trillion. Indo Tambang is 65% owned by Thai Banpu Plc via Banpu Minerals (Singapore) Pte Ltd and public shareholders own 34.99%. 
At end of last week, Indo Tambang slumped 1.39% to Rp45,900 per share, representing a Rp51.92 trillion market capitalization.

Disclosure: No position at the stock mentioned above.
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