Profit of Coal Miner Adaro Energy Falls Amid Weak Global Coal Market
Declining profit in Indonesia's coal industry was also confirmed by Adaro Energy's (ADRO) net profit of 2012. The coal mining company reported net profit of US $385.34 million, a 30 percent fall compared to 2011 when it amounted US $550.35 million. Earnings per share also declined from US $0,01721 in 2011 to US $0,01205 in 2012. Lower sales volume and lower global coal prices were cited as the major factors behind the decline.
Adaro Energy is one of the largest Indonesian coal mining companies and the country's second-largest producer of thermal coal. It produces coal that is less environment unfriendly due to a low amount of sulfur and ash. This coal is globally trademarked as envirocoal.
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