In the first quarter 2013 PT Indo Tambangraya Megah Tbk. recorded a 10% increase in net income to USD 72 million from USD 65 million in the fourth quarter 2012. The increase in net income was mostly contributed by gain on derivative transaction.
Sales volume in the first quarter 2013 was recorded 7.1 million tons or 13% lower than the previous quarter.
Compared to the fourth quarter 2012, the company’s average selling coal price in the first quarter 2013 was slightly lower by 1% to USD 80 per ton, resulting in slightly lower sales revenue by 15% to USD 563 million.
The slight decrease in average selling coal price led to slightly lower gross profit margin by 1% than the previous quarter to 23%. As for EBIT in the first quarter 2013, it amounted to USD 85 million, or 19% lower than the previous quarter.
As many as 7.1 million tons of sales in the first quarter was delivered to, among others, China, Japan, India and Indonesia.
In the first quarter 2013, PT Indo Tambangraya Megah Tbk. produced 7.1 million tons. Such tonnage was in line with the target of 29 million tons set for 2013.
To improve profitability in this year, PT Indo Tambangraya Megah Tbk. plans to improve efficiencies by reducing various components of costs. Among others, by lowering stripping ratio, making efficiencies in logistics, reducing overhead cost and prioritizing capital expenditure on urgent projects.
As the end of March 2013, total assets of the company amounted to USD 1,520 million. The company booked a total equity of USD 904 million and was in a zero debt position. The earning per share in this period was USD 0.06.