Performance Improvement
In 9M19, INTP recorded revenues of IDR11.3 trillion (+5.3% YoY) thanks to an increase in domestic ASP (+8.1% YoY) and lower fuel use (-8% YoY) as production efficiency accelerated. The weak global coal prices curbed cost of revenues to only account for 67.6% (vs. 73.3% in 9M18) as INTP’s financial costs totaled IDR5.9 billion (-70% YoY). It resulted in rising net profits to IDR1.1 trillion (+90.4% YoY). INTP’s 9M19 revenue has reached 74.3% of our target in 2019F.
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