JAKARTA – The net profit of PT Indo Tambangraya Megah Tbk (ITMG) decreased 58.33% throughout 2023 compared to the same period in 2022. The decline of profit was driven by lower revenue.

In the 2023 Financial Report quoted today (22/2), the net profit attributable to the parent entity was recorded at USD 500.33 million, halved from USD 1.20 billion in 2022. The current year’s net profit arrived at USD 499.62 million, slipping from USD 1.19 billion.

The company recorded revenue of USD 2.37 million, slowing down from USD 3.63 billion in 2022. The gross profit was also seen decreasing from USD 1.89 billion to USD 742.54 million.

The revenue was generated from coal segment of USD 2.36 billion and services of USD 5.99 million. In 2022, coal segment managed to contribute USD 3.62 billion of revenue, while services turned in USD 2.49 million.

The consumers of ITMG with the highest contribution are Shenhuan Hong Kong International Trading Ltd with total sales of USD 255.92 million and Marubeni Corporation of USD 247.86 million. (LK/ZH)