Mar 28, 2012

Adaro FY11 net income jumps 124%

PT Adaro Energy Tbk (ADRO) today announced a 124% jump in net income to US$552 million last year or US$0.017 a share.
Net income benefited from strong production volume growth, robust average selling price (ASP), and continued cost control.  
Net revenue increased 47% to US$3.99 billion while gross  profit margins improved to 35.8% from 30.5% over the same period. 
Adaro posted surged 80.4% to 1.28 billion from 711 million, sending a 6% higher margin to 32.2% from 26.2%.
“With our strong performance in 2011, we delivered on our targets, while also executing on our strategic objectives of making acquisitions of  coal deposits in South Sumatra and moving downstream into power generation  in Central Java," said Adaro Energy’s President Director, Garibaldi Thohir in a press statement today.
Operational performance
Coal production volume rose 13% to 47.67 million tons from 42.20 million tons, while sales volume increased 15.8% to 50.78 million tons from 43.84 million tons. Overburden removal increased 32.5% to 299.27 million bcm from 225.87 million bcm.
Adaro targets to produce 50 million-53 million tons this year with EBITDA of US$1.2 billion-US$1.5 billion.

Disclosure: No position at the stock mentioned above.

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