ITM posted US$102m in 1Q09, up by 437% YoY and flat QoQ, while representing some 40% of our full year forecast. Overall, the numbers were in line with our estimates.
Growth was largely driven by 70% YoY higher ASP, while volume was down by 6% YoY. Production at 4.4m tonnes in 1Q09 looks on track to meet our forecast of 19.0m tonnes in FY09 but below management guidance.
ASP was US$85/t in 1Q09, up by 70% YoY and 3% QoQ. The company has contracted 95% of its targeted volume this year and priced 76% at around US$77/t. Price looks slightly better than assumed.
There was US$29m hedging gain in 1Q09.
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