Indonesia Adaro Q2 net profit, revenue jump on higher prices

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Aug 2009

PT Adaro Energy Tbk, Indonesia's No. 2 coal producer by market value, increased second-quarter net profit seven-fold to 1.1 trillion rupiah ($109.5 million), Reuters calculations showed. Adaro, which listed on Indonesia's stock exchange last year and has a market capitalisation of $4.3 billion, on Sunday said that sales volume in the first half fell 11 percent to 17.8 million tonnes of coal, from 20.1 million tonnes in the same period a year ago.
It did not disclose its average selling prices for its coal.
Adaro produced 18 million tonnes of coal in the first half, out of a full-year target at 42-45 million tonnes. In 2008, it produced 38.5 million tonnes of coal.
The company said in a statement that first-half net profit jumped 16-fold to 2.25 trillion rupiah, from 140 billion rupiah in the same period last year, due to higher coal prices, while revenue rose 64 percent to 12.9 trillion rupiah.
Second-quarter net profit rose to 1.10 trillion rupiah in the second quarter, from 152 billion rupiah a year ago, according to Reuters calculations based on published first-quarter figures, while revenue jumped 44 percent to 6.36 trillion rupiah.

Source: Reuters