The higher net income resulted from a 45% increase in total revenue from US$1645 million in the book year 2010 to US$2382 million in 2011. It was mainly driven by 11% increase in sales volume from 22.2 million tons in 2010 to 24.7 million tons in 2011 as well as by a 30% higher average selling coal price from US$74.9 per ton to US$97.1 per ton in 2011.
The higher revenue lifted up EBIT (Earnings Before Interest and Tax) by 95% from US$363 million in the fiscal year 2010 to US$707 million in the book year 2011, and much offset a 19% increase in operating expenses from US$155 million to US$185 million.
The sales volume of 24.7 million tons throughout 2011 consisted of sales to China (5.8 million tons), Japan (4.1 million tons), India (2.3 million tons), Indonesia (2.1 million tons), Taiwan (2,0 million tons), Italy (1.8 million tons) and other countries in East and Southeast Asia.
Throughout 2011, PT Indo Tambangraya Megah Tbk. produced 25 million tons of coal, or has met the target for the year. The production volume is targeted at around 27 million tons for 2012.
Like the production target, the sales volume target for 2012 will be around 27 million tons. Of this amount, until the beginning of February 2012, 87% has been sold with following details: 51% has been sold with fixed prices, 31% has been contracted using global index as reference, and 6% has been committed in volume. The remaining 13% has not been sold yet.
As of end of December 2011, total assets of the Company amounted to US$1578 million. The Company booked a total equity of US$1080 million and is in a zero debt position. The earnings per share of US$0.48 were recorded at the end of December 2011 or rose by 167% from US$0.18 in the same period last year.