FY09 net income in line: Adaro recorded FY09 net income of Rp4.367 trillion, up 392.3% Y/Y from Rp887 billion in FY08. The strong Y/Y
results were driven by the significant growth in average selling price that rose from US$45.4/ton to US$63.2/ton, up 39.2% Y/Y. Sales volume growth was flat Y/Y from 41.1MM tons to 41.4MM tons. Production volume increased by 5.5% from 38.5MM tons in FY08 to 40.6MM tons in FY09. The reported net income was in line with both J.P. Morgan's (0.9% above) and consensus' (1.9% below) expectation of Rp4.33 trillion and Rp4.45 trillion, respectively.
Adaro to acquire 25% of BHP Maruwai: BHP Billiton announced it has entered into binding agreements to create a new joint venture for its Indonesian Coal Project (ICP) with Adaro in which Adaro has agreed to acquire a 25% interest. BHP Billiton will hold the remaining 75%. ICP covers seven CCOW coking coal projects located in East and Central Kalimantan in Indonesia. ICP's undeveloped metallurgical and thermal coal resources are estimated to be 774 million tones.
https://mm.jpmorgan.com/servlet/PubServlet?skey=R1BTLTM5MjM5MC0w&Name=GPS-392390-0.pdf
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