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Adaro Energy's revenue fell by 4.42% YoY in 2019

19 March 2020 05:59

JAKARTA. PT Adaro Energy Tbk (ADRO) generated US$ 3.46 billion in revenue in 2019, 4.42% lower than its revenue in 2018 (US$ 3.62 billion).

The decline in revenue was mainly caused by the decline in coal sales to third parties, both exports and domestic. Export sales fell from US$ 2.71 billion to US$ 2.55 billion. Meanwhile, domestic sales fell from US$ 635.81 million to US$ 607.81 million.

Meanwhile, revenue from domestic mining services rose from US$ 205.87 million to US$ 218.4 million. Coal sales to related parties in the country also rose significantly by 289.57% from US$ 3.23 million to US$ 12.59 million.

In addition to declining revenue, ADRO also experienced an increase in cost of revenue, which cut down the company's gross profit by 20.3% to US$ 964.59 million. Thus, the company's profit attributable to the parent also fell from US$ 417.72 million to reached US$ 404.19 million. (AM/AR)

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