Adaro Energy, the second-biggest coal producer in Indonesia, said unaudited profit rose in the first quarter on higher coal prices.
Net income increased 12 percent to $122 million in the January-March period from the same period a year earlier, the company said in a filing to the Indonesia Stock Exchange (IDX) during morning trading on Friday. Revenue increased 21 percent to $916 million.
Indonesian coal miners have been benefiting from rising global coal prices as demand from large world economies, like China and India, remain strong.
Coal production at Adaro rose 3.4 percent to 10.9 million tons, and its coal sales by volume increased 3.1 percent to 11.25 million tons. The average selling price for coal climbed 18 percent, which matched pricing expectations for this year, the statement said.
“Our first quarter provided us with a solid start for 2012 in order to reach our financial and operational objectives,” president director Garibaldi Thohir said in the statement. “We will continue our efforts to deliver another strong performance this year, while also doing our part to contribute to our communities and country.”
The company is poised to reach a production target of 50 million to 53 million tons this year, the company said.
Shares of Adaro, which have risen 2.2 percent this year, closed unchanged at Rp 1,810 on Friday.
Source: Jakarta Globe