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PT Adaro Reports 17% Decline in Profit in Q1 of 2020

Coal News - Published on Wed, 20 May 2020

Image Source: PT Adaro
Indonesian publicly listed coal miner PT Adaro Energi’s profit shrank by 17 percent YoY to USD 98.2 million in the first quarter amid falling coal prices and slumping demand in the coronavirus-ridden Asian economy as sales declined by 11 percent YoY to USD 750 million. Adaro president director Garibaldi Thohir said “Our performance in this year's first quarter reflects the operational excellence of our core coal assets as we recorded solid production volume amid the difficult market condition. In this challenging time for the global economy and the coal market, we continue to improve our efficiency, ensure discipline in spending and maintain a solid balance sheet."

Adaro’s revenue fell, as its higher sales volume was offset by falling prices. The company’s yearly sales volume rose by 8 percent to 14.39 million tonnes. The price of coal fell by a sharper 27.3 percent YoY to USD 66.6 per tonne in the Jan-March period, based on Indonesia’s coal benchmark prices HBA.

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Posted By : Yogender Pancholi on Wed, 20 May 2020
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