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Indo Tambangraya's net profit declined significantly in 1H 2019

19 August 2019 11:39

JAKARTA - PT Indo Tambangraya Megah Tbk (ITMG) recorded a decline in its net profit, from US$ 102.51 million recorded in the first half (1H) of 2018 to US$ 68,975 million in 1H 2019.

Citing information disclosure on the Indonesia Stock Exchange, during the period, the company actually generated more revenues (US$ 892.7 million from US$ 808.89 million). However, the company's cost of revenue also increased significantly (US$ 730.3 million from US$ 583,151 million). As a result, the company's gross profit decreased to US$ 162.40 million from US$ 225.74 million.

The company's sales and administrative expenses also increased from US$ 60.47 million to US$ 78.35 million. 

The company's pre-tax profit also decreased from US$ 147.39 million to US$ 101.92 million. Meanwhile, its total assets decreased from US$ 1.44 billion to US$ 1.32 billion. Its total liabilities decreased from US$ 472.94 million to US$ 438.9 million. Finally, its total equity also decreased from US$ 969.78 million to US$ 885.3 million. (ARM/AR)

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