REPUBLIKA.CO.ID, JAKARTA -- One of the biggest national coal producers, PT Adaro Energy Tbk cuts its profit target, from 850-1.000 million USD to 750-900 million USD.
Corporate Secretary of Adaro Energy, Devindra Ratzarwin said that decline in profit was due to lack of improvement in global coal prices.
"Adaro continues to strengthen its sustainable growth," Ratzarwin said recently.
Thermal coal market remains difficult and experiences weakening prices. Australian coal producers will increase production of 17 percent due to pay agreement for port and rail services.
Efforts to reduce production costs and depreciation of Australian dollar also made the price more competitive in China, while Indonesia only increased production of 10 percent. However, on the demand side, a fundamental aspect is not affected.
"The company is still seeing strong growth," Ratzarwin added.
In September 2013, Adaro recorded revenue of 2.43 billion USD, decreased 12 percent from same period last year. Adaro's financial performance in the first nine months of 2013 recorded revenue of 2.4 billion USD.
Adaro will focus on its core business, sustainable operational, customers satisfaction, cost reduction, increased efficiency and maintain cash and capital structure.
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