3Q18 Performance: Above Estimates
In 3Q18, ITMG posted the revenue of USD606 million (+40.8% q-q or +46.1% y-y)—higher than our estimated figure of USD578 million and the consensus estimated figure of USD521 million. On a cumulative basis, in 9M18, its revenues reached USD1,415 million or 68.4% of our full year 2018F revenue estimate and 69.2% of the consensus estimate version. Meanwhile, its net pofits grew by 115.2% q-q or 37.8% y-y to USD96 million. Additionally, its net profit margin increased to 15.9% (vs. 10.4% in 2Q18).

3Q18 Operational: Achieved Target
In 3Q18, ITMG posted the total coal production of 6.4 million tons (+23.1% q-q, or +12.3% y-y), while its ASP surged to USD88.6 (+13.2% q-q, or +19.5% y-y) thanks to the favorable weather and the rally in coal price of 3Q18. Meanwhile, its stripping ratio was flat at 10.8x (vs. 10.8x in 2Q18, and 12.3x in 3Q17); its production costs climbed to USD50.2 per ton (+4.5% q-q, or +23.9% y-y).


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