(EnergyAsia, April 9 2012, Monday) ––Indonesian coal miner PT Adaro Energy Tbk said its net income surged 124% to US$552 million for the financial year ended December 31 2011, boosting its basic earnings per share by 123% to US$0.01721.
 
The Jakarta-listed company attributed the strong perfomance to a combination of  production growth, high coal price and cost control.

With coal production up 13% to 47.67 million tonnes, Adaro said 2011 marked its 20th consecutive year of annual production growth.

In a statement, the company said:

“For FY11, we achieved record coal production and sales volume, increasing production by 13% to 47.67 million tonnes and sales by 15.8% to 50.78 million tonnes. We were pleased to deliver on the upper end of our production target of 46 to 48 million tonnes.

“Throughout the year, our sales volume benefited from increased coal trading activities at Coaltrade. Unlike 2010, when the absence of a dry season hampered production, our strong operational performance benefited from normal dry weather as well as the arrival of new and larger sized heavy equipment and our contractors’ quality performance.”

Adaro said it paid a record corporate income tax of US$450.5 million and royalty expenses of US$405.4 million.

For 2012, the company expects to earn US$1.2 to US$1.5 billion, producing between 50 and 53 million tonnes.

Adaro Energy’s President, Garibaldi Thohir, said:

“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.

We are more convinced our proven business model is the right one to create maximum sustainable value from Indonesian coal to create a bigger and better Adaro Energy and also to help build the nation.”