Adaro?s Q1 net profit soars on higher selling price

IDX-listed mining firm PT Adaro Energy Tbk reported on Thursday first quarter interim consolidated unaudited net profit of Rp1,145 billion (US$=Rp.10,500) from a Rp12 billion loss in the same period of 2008.

The significant increase is attributed to higher average achieved selling prices of Envirocoal, which increased revenue 91% to Rp6,533 billion, the company said.

Meanwhile, the cost of revenue increased at a lower rate of 39%, boosting the gross margin from 22% in first quarter of 2008 to 43% in the first quarter of 2009, the company said.

Oerating income increased 254% to Rp2,446 billion in the first quarter of 2009, resulting in a wider operation margin, which increased from 20% in first quarter of 2008 to 37% n the first quarter of 2009.

During the quarter, production volume for its mine PT.Adaro Indonesia in South Kalimantan increased by 8 percent to 9 million tonnes while sales volume decresed by 2 percent to 8.6 million tonnes.

Adaro Energy accounts for three business segments: Coal mining and Trading, Mining Services and Others. (denny)