Adaro managed to increase its margins. Gross margin, operating margin, and net margins are improving significantly.
Adaro recorded gain on foreign exchange of Rp100bn compare with loss of Rp455bn in previous year, meanwhile interest expenses up by 49%yoy. Hence, net income was at Rp4.4tn (+392%yoy), below our expectation but in line with consensus.
We will review our estimation due to the results. Maintain Buy.
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