One of Indonesia's coal miner PT Adaro Energy Tbk today announces a 49% drop in net profit as a result of lower revenue and higher cost of goods sold (COGS).
In an official press release distributed today, Adaro booked Rp1.15 trillion net profit in the first half of this year from Rp2.25 trillion a year earlier.
Operating profit tumbled 28% from Rp4.93 trillion in the first half of last year to Rp3.57 trillion in the first half of 2010.
Adaro's COGS increased 8% from Rp7.45 trillion in the first half of last year to Rp8.04 trillion. The company's operating revenue fell 7% from Rp12.89 trillion to Rp11.98 trillion in the first half of this year.
Coal production increased 20% from 17.99 million tons to 21.62 million tons, while coal sales volume rose 20% from 17,83 million tons to 21.75 million tons.
Adaro President Director Garibaldi Thohir said the performance decrease in the first half of 2010 had been estimated. "Despite higher sales, heavy rainfall in the first half of 2010 had influenced our revenue and net profit. We hope average selling price might increase in the second half of this year," he said. LINK
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