JAKARTA - PT Adaro Minerals Indonesia Tbk (ADMR) posted revenue of USD 463.60 million in the first half of 2023, 6% higher than USD 435.65 million seen in the same period in 2022. However, said increase did not result in current year’s profit surge as metallurgical coal’s price inflated.

In the press release quoted Tuesday (22/8), ADMR’s revenue grew from the same period last year due to the increase of sales volume. The production volume reached 2.54 million tons, proliferating 66% year-on-year (yoy). Meanwhile, the average selling price (ASP) shrank 25% yoy.

The operating EBITDA of ADMR was recorded at USD 235.1 million, declining 18% yoy due to lower ASP, higher production costs, and stripping ratio. The decreases in EBITDA and core profit only indicate condition of its core business, but do not put any non-operational component into consideration.

In the first half of 2023, ADMR realised USD 42.9 million of its capital expenditure (capex) for an infrastructure project in PT Maruwai Coal (MC), as well as contraction of aluminium smelting facility. (LK/ZH)