JAKARTA. PT Indo Tambangraya Megah Tbk (ITMG), a coal mining company under Banpu Minerals (Singapore) Pte. Ltd., only booked net profit growth worth USD 61.6 million in the first quarter of 2024.

This number shrank 66% year-on-year (yoy), or from the same quarter last year, in which the company managed to score net profit of USD 182.72 million.

According to the recently released financial report, ITMG’s profit decline was in line with Q1 2024 revenue, which dropped 28.6% yoy to USD 489.23 million. In the same quarter last year, the revenue clocked up to USD 685.58 million.

In addition, ITMG’s selling expenses in Q1 2024 also increased 8% yoy to USD 38.43 million. Meanwhile, other losses booked by company, including loss on foreign exchange, were recorded reaching USD 3.59 million. It was in contrast with the same quarter last year, in which the company booked other income worth USD 4.6 million.

According to the data compiled by IDNFinancials, ITMG’s subsidiary that generated the highest revenue in Q1 2024 was PT Bharinto Ekatama (Bharinto), with total revenue of USD 224.73 million. Then, it was followed by PT Indominco Mandiri (IMM) of USD 177.74 million, PT Trubaindo of USD 125.48 million, and PT Jorong Baruatama Greston (JBG) of USD 19.81 million.

Until the end of March 2024, ITMG’s total assets were recorded at USD 2.28 billion, while the total equity clocked up to USD 1.72 billion. (KR/ZH)