Adaro's net profit declined by 47.75% YoY in 1H 2020
JAKARTA. PT Adaro Energy Tbk's (ADRO) net profit declined by 47.75% YoY in the first half of 2020 to US$ 155.09 million due to a decrease in the average selling price of coal and also sales volume.
ADRO's management stated in a press release on Friday (28/8) revealed that the implementation of lockdowns in a number of coal importing countries resulted in a decrease in demand for coal.
President Director and Chief Executive Officer of Adaro Energy Garibaldi Thohir said that he could not deny that the COVID-19 pandemic had an impact on coal demand. However, his party continues to maximize efforts to continue to focus on the company's core business. It also continues to improve its operating efficiency and productivity, maintain cash, and maintain a solid financial position amid the difficult situations experienced by most of the business world. (AM/AR)