Indonesia's coal firm reports ten-fold rise in profit
Indonesia's second-largest coal producer, PT Adaro Energy Tbk, on Tuesday reported a ten-fold increase in net profit in 2008 to 887.2 billion rupiah ($77 million), beating analysts' forecasts.
Reuters quoted Adaro, which listed on Indonesia's stock exchange last year, as saying revenue rose 56 percent to 18.09 trillion rupiah in 2008, from 11.6 trillion rupiah a year ago.
Indonesia is the world's largest thermal coal exporter and its coal miners benefitted from soaring commodity prices in the first half of 2008. However, the global economic downturn has led to a sharp drop in commodity prices.
The coal miner previously said its sales volume, including third-party coal trading, rose 9 percent to 41.1 million tonnes in 2008, while production volume increased 7 percent to 38.5 million tonnes last year.
Adaro had said it expected production would rise to between 42-45 million tonnes this year and has set aside as much as $100 million to acquire a coal barge and trans-shipment company to improve its supply chain.
The firm said last month that 2009 revenue was projected to reach $2 billion, on the back of sales secured in long-term contracts.
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