Fri Apr 29, 2011 3:08pm GMT
JAKARTA, April 29 (Reuters) - 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. ($1 = 8582.5 Rupiah) (Reporting by Janeman Latul; Editing by Neil Chatterjee, sourced Thomson Reuters)
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment