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Saturday, 31 October 15
ADARO ENERGY'S CORE EARNINGS DECLINE 21 PER CENT FOR THE NINE MONTHS PERIOD TO SEPTEMBER 2015
Adaro LogoCOALspot.com: Adaro Energy's core earnings decline 21% to US$228 Million for first 9months of this year compared to the same period last year. However, despite Challenging market conditions, Adaro lowers costs, lowers debt and delivers strong free cash flow.

Indonesia’s second largest coal producer Adaro Energy lodged its un-audited consolidated financial statements for the first nine months of 2015 on 30 October 2015.

“We recognize the tremendous pressure on our profitability as coal prices continue to drop. The challenging conditions have tested our vertically integrated business model and our results have shown the resiliency of the business model,” said Mr. Garibaldi Thohir, President Director and Chief Executive Officer of Adaro Energy.

He further said that, “ we will achieve our FY15 operational EBITDA guidance of US$550 million to US$800 million. We are staying the course and keep implementing our strategy to strengthen our core for business sustainability.”

“ We continue with our strategy to develop the three engines of growth for our company – coal mining, mining services and logistics, and power. We continue to execute operational excellence, improve cost efficiencies along our coal supply chain, strengthen our logistics unit, move further downstream into power and pay an annual cash dividend,” said President Director and Chief Executive Officer of Adaro Energy.

According to Adaro’s press release, the company has revised its production guidance for 2015 to 52 - 54 Million tonnes (Mt) from 54 – 56 Mt.

The company’s Average Selling Price (ASP) has declined year over year as oversupply persists in the coal market. Adaro has recorded 14% lower Average Selling Price (ASP) year over year for the nine month period to September 2015.

Adaro further noted that, the miner’s revenue fell 16% to US$ 2.112 billion as company’s sales volume declined 3% to 41.2 Mt for the nine month period to September 2015. Production volumes also decreased 5% to 39.8 Mt due to lower demand growth.

According to the press report, the company is still anticipating market conditions to continue to be difficult for the rest of the year. Demand growth will remain sluggish and prices will continue to be in a descending mode for the rest of the year.


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