Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video 27°C
DKI Jakarta, Indonesia
27°C Light Rain

Light rain later this morning and this afternoon.

  • Tue

    25℃ - 32℃

  • Wed

    26℃ - 31℃

  • Thu

    25℃ - 31℃

  • Fri

    27℃ - 30℃

Economy in brief: ITMG’s surging costs hurt profit

Tue, November 13 2012 | 11:11 am

JAKARTA: Publicly listed coal miner PT Indo Tambangraya Megah (ITMG) saw increasing costs cut into its profits booked in the first nine months of the year, although it posted higher revenues on the back of higher sales volume.

ITMG reaped US$1.78 billion in revenue during the January–September period of the year, increasing by about 8 percent compared
to $1.65 billion in the same period last year. Increases in revenue were supported by sales of 19 million metric tons coal during the first nine months of the year, which was an 8 percent increase compared to 17.55 million metric tons in the same period last year, the company’s financial reports show.

However, the company also reported a 14.9 percent increase in cost of goods sold, rising to $1.2 billion by the end of the third quarter of the year compared to $1.04 billion in the same period last year.

Surging costs were the main contributor to ITMG’s slow growth in net profits, rising by 1.5 percent to $366.63 million as of the third quarter of the year, compared to $361.21 million in the same period last year.

Shares in ITMG fell by 1.68 percent to Rp 40,900 apiece on Monday’s closing from Rp 41,600 last Friday.

NEWS PULSE

TRY A DIGITAL SUBSCRIPTION

Join the discussions

0 Comments

Posting as Guest