ITMG – Profit decreased 66.28% yoy in 1Q24

ITMG – Profit decreased 66.28% yoy in 1Q24 Indo Tambangraya Megah (ITMG) experienced a decline in performance due to a decrease in coal selling prices. ITMG posted revenue of USD489.23 mn (-28.63% yoy) and net profit of USD61.60 mn (-66.28% yoy) in 1Q24. This happened even though ITMG posted an increase in sales volume of 11% yoy or 4.9 mn tons. ITMG's coal ASP decreased 36% yoy to USD97 per ton in line with the downward trend in global coal prices. (Source : Bisnis Indonesia)