Indo Tambangraya Megah (ITMG), a mid-size coal miner, has targeted its coal output at 23.6 MnT and coal sales at 26.5 MnT for CY19, Kontan newspaper reported citing Yulius Gozali, investor relations director of the company as saying on Friday.
Gozali said the company’s coal production was set at 5 MnT in the first three months of this year, but heavy rain had posed problem for the company to attain the feat. The report said without giving details on how bad weather affected the company’s production.
Even so, the company has remained upbeat with its coal production target this year.
“In case of heavy rain (at the beginning of the year), we usually boost the remaining coal target in the second half of the year,” Gozali added.
The company reported an 18.3% increase in revenue to USD 2 Billion in CY18 from USD 1.6 Billion in the previous year, according to the company’s statement on its website. Cost of revenue was USD 1.4 Billion in CY18.
The company has set its sight on new markets to sell its coal such as Vietnam and Myanmar, both of which are part of the ASEAN region.
Apart from that, the company was also aiming to produce various types of coal having low, medium and high calorific value. The company has been usually producing coal with calorific value of 4,300 Kcal/kg to 6,500 Kcal/kg.
The company has set aside USD 122 Million for capital expenditure in CY19, which is 14% more than that it had allocated in CY18.
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