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. 

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“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.