ITMG — Sales volume grew 9% yoy despite lower revenue in 6M24

ITMG — Sales volume grew 9% yoy despite lower revenue in 6M24 Indo Tambangraya Megah (ITMG) reported a mixed performance in 6M24, with coal production and sales volume increasing by 14% yoy and 9% yoy, respectively. However, the company's revenue decreased by 19% yoy, primarily due to a 27% yoy drop in the average selling price following coal price normalization. Despite the revenue decline, ITMG maintained a strong cash position of USD877 mn. Additionally, ITMG started production at two new mines in East Kalimantan, further contributing to its operational growth. (Source : Company)