JAKARTA – The revenue of PT Indo Tambangraya Megah Tbk (ITMG) slipped as far as 19.2% year-on-year (yoy) to USD 1.05 billion at the end of June 2024. This decline further dragged down its net profit by 58% yoy.

As stated in Financial Report of H1 2024, revenue decrease resulted from a downturn in its coal sales to third parties, shrinking 21% yoy to USD 983.68 million from USD 1.25 billion.

From a geographical perspective, revenue slippage could also be seen in export sales in H1 2024, slipping 23.1% yoy to USD 841.1 million from USD 1.1 billion recorded in H1 2023. A slight increase in domestic sales still could not offset low export rate, reporting a shy of 1.42% yoy climb to USD 208.5 million.

Furthermore, slowed revenue in H1 2024 was unfortunately not accompanied with decreased selling expenses, which, instead, soared from USD 63.7 million to USD 83.1 million at the end of June 2024. Other expenses also swelled to USD 27.2 million.

The increased expenses brought net profit significantly down by up to 58% yoy from USD 306.7 million to USD 128.7 million, or nearly halved.

As of June 2024, ITMG’s total assets slightly shrank to USD 2.16 billion, with cash and cash equivalent of USD 876.6 million. Then, its equity was also reported decreasing slightly to USD 1.78 billion. (ZH)