PT Indo Tambangraya Megah Tbk (ITMG) booked net profit of US$546.13 million in 2011, a 167.51% jump from the previous year of US$204.15 million.
Operating profit rose 60.62% to US$892.07 million compared to last year of US$518.05 million, while net revenue reached US$2.38 from US$1.64 billion.
In a statement, Finance Director Edward Manurung at Indo Tambangraya in statement said, the profit jumped because of higher sales volum and average selling prices but there is no further explanation on his statement.
Previously, he said the coal sales volume is expected to reach 22 million tons and the average selling prices stood at arround US$85-US$90 per metric ton, an increase from last year's level of US$75 per metric ton.
This year, he said the company expects a 25 million tons in coal sales volume. To reach the target, Indo Tambang aims to spend capex of US$126 million.
"We are looking several coal mines. We expect will realize soon. If we do that we will seek bank loans or another finance instrument," Edward said.
Disclosure: No position at the stock mentioned above.
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