Adaro Energy posts 12% increase net income
Friday, April 27 2012 - 01:59 AM WIB
Indonesia-listed giant coal miner PT Adaro Energy Tbk reported net revenue increased 21 percent to US$916 million with coal production growth of 3.4 percent to 10.96 million tons in the first quarter this year.
The company's sales volume increased 3.1% to 11.25 million tons with the average selling price for Adaro coal improved 17.9 percent due to higher international thermal coal prices.
Adaro produced 1.7 Mt of E4000 (Wara) coal During the first quarter.
Adaro Energy?s President Director, Garibaldi Thohir said, ?Our first quarter provided us with a solid start for 2012 in order to reach our financial and operational objectives. We will continue our efforts to deliver another strong performance this year, while also doing our part to contribute to our communities and country.?
The company said that Net income grew 11.8 percent to $122 million.
Adaro said that its coal cash cost also increased 16.6 percent to US$38.46 per ton, largely due to a higher planned stripping ratio, longer overburden hauling distances and higher fuel costs.
Editing by Adianto P. Simamora