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Adaro reports positive results

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World Coal,

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.

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