Indo Tambang 1Q Profit Increases 41.77% On Higher Sales

JAKARTA: Coal miner PT Indo Tambangraya Megah Tbk (ITMG), that is controlled by Thai Banpu Plc, experienced a 41.77% increase in net profit for the first quarter of this year on the back of higher net sales.

Indo Tambang posted US$95.23 million net profit or US$0.08 per share in 1Q 2011 from US$67.17 million or US$0.06 per share in 1Q 2010.

Operating profit increased 25.82% to US$117.43 million from US$93,33 million, reflecting a higher margin to 25.07% from 23.17%.

Indo Tambang booked a 16.24% increase in net sales to US$468.33 million from US$402.89 billion.

Enel Trade SpA made a US$48.67 million of coal purchase from Indo Tambang, counting 10.4% of consolidated total sales.

Banpu Minerals (Singapore) Pte Ltd controls 65% shareholding in Indo Tambang, President Director Hartono Widjaja owns 0.01% stake, and public shareholders own 34.99%. (wiw)