JAKARTA. PT Indo Tambangraya Megah Tbk. (ITMG) is known to have prepared several strategies to improve this year's performance and allocate capital expenditures of up to US$ 40.5 million.
Indo Tambangraya Director of Investor Relations Megah Yulius Gozali said that he had prepared a number of strategies to improve performance and increase growth amid the many business challenges caused by the Covid-19 pandemic. Meanwhile, the capital expenditure (capex) allocation is US$ 40.5 million, and the capex will be used for the maintenance and development of infrastructure throughout the mine. "The amount of capex this year is lower than last year's US$ 50 million," he said as quoted by Bisnis, last weekend.
The coal mining issuer in 2020 recorded revenues of US$ 1.18 billion, down 30.9% compared to 2019 of US$ 1.71 billion, with profit for the period falling 74.6% (yoy) to US$ 33.28 million.
Yulius explained that his company continues to strive to improve efficiency in mining operations, maximize coal reserves, and increase the variety of product portfolios according to customer needs. ITMG will also maximize the use of mining assets and infrastructure and ensure accelerated development of green field assets. (AM/LM)