PT Indo Tambangraya Megah (ITMG), an Indonesian coal miner, said that its coal output target is set at between 23 MnT to 23.5 MnT this year, a tad higher than its 22.5 MnT target in 2018, Kontan reported citing Yulius Gozali, finance director of the company.
Indo Tambangraya is yet to fully announce its financial and actual coal output.
The newspaper also reported that the company had set aside as much as USD 120 Million for capital expenditure this year, slightly higher than USD 107.1 Million it had allocated in 2018.
The company would use the funds to, among others, improve its coal mining facilities, improve the capacity of its mining machinaries,” Gazali said as quoted by the newspaper.
Gozali said Indo Tambangraya Tambang has yet to announce its financial results and stable coal price should benefit the company. He declined to disclose revenue and profit targets for this year.
Indo Tambangaya operates six coal mining sites in resource-rich Kalimantan island, according to the company’s website.
The company posted a 22% increase in total revenue to USD 1.415 Billion in the first nine months of 2018 compared with USD 1.16 Billion in the corresponding period a year earlier, the company said in on its website. It recorded an average selling price of USD 84.1/MT in the period, 20% higher than USD 70.3/MT in the same period a year earlier.
As a result, the company posted a 15% rise in net income to USD 197 Million in the first nine months of 2018 from the same period a year earlier.
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