Indonesian coal company, Adaro Energy, has reported a core earnings of US$281 million for the first nine months of 2016, according to the company’s latest quarterly report, a year-on-year rise of 23%.
The rise in core earnings comes despite a 16% year-on-year fall in net revenue over the period as cost efficiency initiatives at the company resulted in a 22% fall in the cost of revenue.
Coal production was level with the first nine months of 2015 at 39.33 million t and remains on track to achieve 2016 production guidance of 52 – 54 million t. 3Q16 production was 13.47 million t – a 2% rise on the previous quarter despite a higher than average number of rain days and higher rainfall in July and September.
The company sold 40.45 million t over the same period, 2% down on the previous quarter and 9% down year on year.
Read the article online at: https://www.worldcoal.com/coal/02112016/adaro-reports-positive-results/