Adaro Energy core earnings up 11% YoY to $538m in Q1

Its net revenue increased by 50% reaching around $1.8b.

PT Adaro Energy Indonesia reported an 11% year-on-year (YoY) growth in core earnings in the first quarter of 2023 to reach $538m on the back of the rise in production and sales volume.

In a statement, Adaro said both production and sales volume rose by 29% to reach 15.69 metric tonnes (Mt) and 15.72 Mt, respectively.

“We continue to deliver on operational and financial performance,” said Adaro President Director and CEO Garibaldi Thohir.

“Price fluctuates hence we always emphasize on operational excellence and cost discipline, supported by our integrated business model,” he added.

The company’s net revenue also rose by 50% to reach around $1.8b.

Thohir also noted significant company developments during the period which include the groundbreaking of its 1,735-megawatt hydropower project.

Adaro also commenced pre-construction activities for its aluminium smelter.

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