JAKARTA - The net profit of PT Indo Tambangraya Megah Tbk (ITMG) fell by 61.25% YoY in the first quarter (Q1) of 2020 to US$ 15.40 million, from US$ 39.74 million recorded in Q1 2019.
According to the company's financial report, the significant decline in profit was mainly caused by the significant decline in the company's revenue, from US$ 453.03 million recorded in Q1 2019 to US$ 365.90 million. Although the company's cost of revenue also declined by 16.56% from US$ 359.41 million in Q1 2019 to US$ 299.88 million, such significant decline in revenue caused the company's gross profit to decline by 29.47% from US$ 93.61 million in Q1 2019 to US$ 66.02 million.
This condition was exacerbated by the increase in the company's tax expense, from US$ 18.68 million in Q1 2019 to US$ 30.10 million.
On the other hand, the company's total asset value rose slightly by 2.49% from US$ 1.21 billion in Q1 2019 to US$ 1.24 billion. However, its liabilities also increased by 15.26% from US$ 324.58 million in Q1 2019 to US$ 374.10 million, causing its equity to decline by 2.19% from US$ 884.46 million in Q1 2019 to US$ 865.07 million. (ARM / AC/AR)