Adaro?s 2008 net profit jumps

IDX-listed energy firm PT Adaro Energy Tbk. reported Tuesday a ten-times jump in its 2008 consolidated net profit to Rp 887.2 billion (US$=Rp 11,530) from Rp 88.53 billion in 2007.

Revenue increased to Rp 18.1 trillion from Rp 11.6 trillion a year earlier. However, production costs rose to Rp 13.15 trillion from Rp 9.1 trillion, while sales and marketing costs were up to Rp 528.3 billion from Rp 173.2 billion and general and administrative costs up to Rp 203.06 billion from Rp 77.7 billion.

Earlier, Adaro, the country's second largest producer, said in a statement its coal production target remained at 42-45 million tons this year. According to Terence Willsteed & Associates, it has mineable coal reserves of 928 million tons, with the total resources estimated at 2.8 billion tons as of December 31, 2007. (denny)