Indonesian coal miner ITMG produced 4.9 million tonnes of coal over January-March this year, 31% higher than 3.8 million tonnes in the same quarter last year, according to the latest operational report released by the company recently.

ITMG sold a total 5.0 million tonnes of coal in the same period, up 11% from a year ago, of which 1.1 million tonnes were delivered to domestic users.

However, the company's net profit attributed to shareholders tumbled 66% year on year to $61 million for the first quarter. Operating revenue fell 29% from a year ago to $489 million, the report said.

Its gross profit totaled $119 million during January-March, representing a 55% year-on-year decrease. Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at $85 million, tumbling 64% on the year.

Despite increased coal production and sales, the acute revenue decline was primarily attributed to a sharp drop in selling prices. In the first quarter, the company's coal selling prices averaged $97/t, much lower than $151/t in the corresponding period last year.

(Writing by yan.sun  Editing by Harry Huo)
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