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Saturday, April 30, 2011

Adaro Q1 net profit up 11 pct on higher coal prices

Adaro Energy, Indonesia's second biggest coal miner, said on Friday its first-quarter 2011 net profit rose 11 percent as higher coal selling prices made up for lower output.
Adaro's first-quarter net profit was $108.94 million, compared with $97.84 million in the same period a year earlier, it said in a statement. 

Adaro, which has a market capitalisation of $8.3 billion, plans to spend $100 million on a joint-venture coking coal project with BHP Billiton this year in Central Kalimantan.
Adaro owns a 25 percent stake in the project that has seven coal concessions with resources of 774 million tonnes of metalurgical coal. 

It reported first-quarter revenue grew 12 percent to $757 million, compared with revenue of $678 million in the year-ago period. Coal output was 10.6 million tonnes, down about 7 percent from a year earlier. 

Analysts forecast Adaro's 2011 net profit to double to 4.5 trillion rupiah ($524.32 million), according to Thomson Reuters Starmine's SmartEstimate. 

Shares in Adaro were down 1.1 percent ahead of the results, and fell more than 13 percent in the first quarter to underperform a Jakarta index down around 0.7 percent in the same period. Source: Reuters Africa

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