Feb 2, 2012

Adaro Energy eyes 7% growth in profit

One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) is scouting a US$620.6 million net profit this year, reflecting a 7% growth from last year's figure.
Adaro President Director Garibaldi Thohir said the company estimates a US$550 million-US$580 million net profit last year, a 126.33%-138.68% increase from US$243 million net profit in 2010. 
"We estimate net profit to increase by 5%-70% this year. It is conservative target, but the most important thing we can achieve the target," said Garibaldi Thohir. 
Coal production is estimated to achieve 50 million tons-53 million tons this year. Last year saw a 13% increase in coal production to 47.7 million tons and coal sales rose 16% to 50.78 million tons.
"Last year, we vowed to reach 46 million tons-48 million tons coal production. We have achieved it," he said.
Adaro will spend US$600 million-US$700 million capital expenditure (capex) this year.
The company aims to distribute dividend of US$100 million-US$150 million, reflecting 18.18%-25.86% of its net profit last year.

Disclosure: No position at the stock mentioned above. 

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