JAKARTA - PT Indo Tambanraya Megah Tbk(ITMG) posted a profit performance of US$ 126.50 million in 2019, down 51.11% compared to the same period last year, recorded profits of US$ 258.75 million. The decline in profit performance was due to a decrease in sales revenue.
As quoted from the Financial Report as of December 31, 2019, published Friday (21/2), ITMG printed revenues of US$ 1.71 billion, down compared to revenues in 2018 of US$ 2 billion. The decline in revenue was due to the effect of the decline in coal prices on the global market, the effects of the US and China trade wars.
The biggest contributor to revenues came from third party coal sales of US$ 1.52 billion, down from US$ 1.83 billion, followed by related parties of US$ 112.65 million, up from US$ 68.86 million. Fuel sales were recorded at US$ 79.05 million, down from US$ 94.78 million, while revenues from services were US$ 3.75 million, down from US$ 9.58 million.
ITMG recorded a gross profit of US$ 326.68 million, down from US$ 583.95 million. The decrease in gross profit was the impact of the increase in the cost of revenue from US$ 1.42 million to US$ 1.38 million. (LK)