Adaro's net revenue decreases

IDX-listed PT Adaro Energy Tbk reported on Wednesday that its net revenue decreased 6.6% year on year to US$3,722 million from $3,987 million due to decreased sales volumes and lower average selling price.

The financial statements for fiscal year ended December 31, 2012 said that the company's EBITDA and net income were US$1,088 million and US$383.3 million, respectively.

Adaro Energy?s President Director, Garibaldi Thohir said, ?We are pleased with meeting our EBITDA target in 2012 and our record production in the fourth quarter. Our business is driven by the global coal market and we could not avoid the impact of weaker coal prices experienced for much of 2012. We have responded by focusing on consolidation and efficiency to strengthen our company. As the growth of Indonesia and all of ASEAN continues, we will be poised to be a leading energy supplier and contributor to the domestic economy.?

Adaro's coal production and sales volume declined 1.0% and 4.3% y-o-y to 47.2 million tonnes (Mt) and 48.6 Mt in fiscal year 2012, respectively.

"However, as coal markets began to rebound in 4Q12, we were able to capitalize and produced record quarterly volume of 13.3 Mt," it said.

Adaro also achieved planned overburden target of 321 million bank cubic meter (Mbcm), removing 331 Mbcm, an 11% increase over 2011 of 299 Mbcm.

Adaro's average selling price in FY12 decreased 3.1% y-o-y, as the weakness in global coal indices were reflected in its pricing.

Summary of Fiscal Year 2012 Operational Performance
	FY 2012	FY 2011	% Change
Production Volume (Mt)	47.19	47.67	-1.0%
Sales Volume (Mt)	48.62	50.78	-4.3%
Overburden Removal (Mbcm)	331.48	299.27	10.8%

Editing by Adianto P. Simamora