JAKARTA, May 12 (Reuters) - Indonesia's largest coal producer by market value, PT Adaro Energy Tbk (ADRO.JK), expects double-digit growth in revenue and net profit this year, an official at the firm said on Tuesday.
"We still believe in double-digit growth for both," said operating director Ah Hoo Chia, when asked about the outlook for revenue and net profit for 2009.
Adaro, which has a market capitalisation of $3.64 billion, sells to 48 customers in 18 countries worldwide, including power utilities Thai Power and Indonesian state electricity firm Perusahaan Listrik Negara (PLN). Exports account for 70-72 percent of its sales.
The firm expects to produce 42-45 million tonnes of coal this year, up from 38.5 million tonnes in 2008, and aims to increase production to 80 million tonnes per year in the next five years.
San Miguel Corp (SMCB.PS) of the Philippines is in talks to buy a stake worth about $500 million in Adaro, which Goldman Sachs (GS.N), Citigroup (C.N) and hedge fund Farallon plan to sell.
The firm reported a ten-fold increase in net profit last year to 887.2 billion rupiah ($85.63 million) while revenue rose 56 percent to 18.09 trillion rupiah despite a global economic downturn that has led to a sharp drop in commodity prices.
It also turned to a first-quarter net profit of 1.145 trillion rupiah this year from a 12 billion rupiah loss a year earlier, thanks to higher average achieved selling prices of Envirocoal.
Shares in Adaro were down 1.69 percent on 0815 GMT, compared to a 0.41 percent fall in the broader market .JKSE. (Reporting by Tyagita Silka and Andreas Ismar; Writing by Sonya Angraini; Editing by Sara Webb) ($1=10,360 Rupiah)
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