DIGIVESTASI - PT Indo Tambangraya Megah Tbk (ITMG) has released its consolidated financial statements for the first quarter of this year ended March 31, 2024. In that period, the company recorded revenue of 489 million USD or equivalent to around Rp 7.85 trillion (the exchange rate is Rp 16,055 per USD). . This turnover decreased by 29% compared to the first quarter of 2023 which reached 685.59 million USD.

Although sales increased by 11% year-on-year, the management of PT Indo Tambangraya Megah Tbk explained that the decline in revenue in the period was due to the impact of a 36% decrease in the average selling price (ASP) of coal. From 151 USD/ton in the first quarter of 2023 to 97 USD/ton in the first quarter of 2024, in line with global coal price trends.  Along with the decline in revenue, cost of revenue in the first quarter of 2024 decreased to USD 369.88 million from USD 418.67 million in the first quarter of 2023.

As such, the company recorded a gross profit of $119.36 million, compared to $418.67 million in Q1. 2023. Q1 2023. 266.92 million in Q1 2023. 

Based on the company's financial statements published on the Stock Exchange, the company recorded other expenses of $40.37 million in the first quarter of 2024. The cost increased from $32.88 million in the first quarter of 2024. 1 2023. As a result, pre-tax expenses decreased to $78.99 million in the first quarter of 2024 from $234.04 million in the first quarter of 2023.  

After taking into account income tax expenses, the company recorded a profit attributable to owners of the parent entity during the period of USD 61.6 million or equivalent to around Rp 989.04 billion. This profit decreased by 66.28% compared to Q1 2023 profit of $182.72 million.  

Total assets at the end of March 2024 increased 5% year-to-date to $2,288 million, compared to $2.19 billion at the end of March 2023. Cash balances at the end of March 2024 increased 7% year-to-date to reach 915 million, compared to $851 million at the end of March 2024. At year-end 2023 and March 31, 2024, cash and cash equivalents accounted for 40% of total assets.

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