(EnergyAsia, May 4 2012, Friday) — Adaro Energy, Indonesia’s second largest coal producer, said rising coal prices helped raise first quarter net income by 11.8% to US$122 million.
In a filing to the Indonesia Stock Exchange, the company said revenue surged 21% to US$916 million, thanks to a combination of rising coal prices, production and demand from energy hungry China and India.
Having raised coal production 3.4% to 10.96 million tonnes and sales volume 3.1% to 11.25 million tonnes for the January-March quarter,
Adaro said it expects to achieve its production target of 50 to 53 million tonnes this year.
Adaro President Garibaldi Thohir said: “Our first quarter provided us with a solid start for 2012 in order to reach our financial and operational objectives. We will continue our efforts to deliver another strong performance this year, while also doing our part to contribute to our communities and country.”