Adaro posts record quarterly production in Q4
Friday, February 1 2013 - 09:41 AM WIB
IDX-listed coal miner PT Adaro Energy, the country?s second largest coal producer, reported a strong performance in the last quarter of last year despite market adversity.
The firm posted a record coal production during the quarter of 13.31 million tons, a 7 percent increase year-over-year (y-o-y) and 22 percent increase quarter-over-quarter (q-o-q), despite experiencing a higher than average rainfall, it said in a report.
The quarter capped the firm?s second best year of coal production with 47.2 million tons. The coal market rebounded toward the end of 2012 after challenging market conditions, mainly due to excess of coal supply, for much of the second half.
?We benefited from our preparation in 3Q12 for the rainy season, as we finished the year in a strong position to meet demand,? the report said.
During the fourth quarter, sales volume went up 12 percent y-o-y and 27 percent q-o-q to 13.95 million tons. The driver for increased sales volume was strong demand for E4000 (Wara) going up 119 percent y-o-y and 147 percent q-o-q.
Editing by Dadan Wijaksana