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

Indocement Q1 net profit up 10 percent

Indocement Tunggal Perkasa , Indonesia's biggest cement maker by market value, said on Friday its first quarter net profit rose 10 percent to 865.3 billion rupiah ($100.82 million), as sales climbed to outweigh higher costs.

The firm reported revenue in the January-March period rose to 2.94 trillion rupiah, compared to 2.55 trillion in the same period of 2010. Source: Reuters

Gudang Garam says Q1 net profit up 19 pct

Gudang Garam , Indonesia's No.2 cigarette maker, said on Friday its first quarter 2011 net profit rose 19 percent on higher sales.

The firm, controlled by the Wonowidjojo family, posted 1.1 trillion rupiah ($128.17 million) in net profit in the first three months, higher than the 927.79 billion rupiah in the same period a year ago.

The firm reported sales of 9.47 trillion rupiah in the January to March period this year, higher than the 8.59 trillion rupiah in the same period last year. Source: Reuters