Adaro Energy, Mining Company Owned By Boy Thohir Conglomerate, Earns IDR1.04 Trillion Profit In The First Quarter Of 2021

Illustration. (Photo: Doc. Antara)

JAKARTA - The coal mining company, PT Adaro Energy Tbk (ADRO) posted a net profit of USD 71.74 million or approximately IDR 1.04 trillion in the first quarter of 2021. This achievement decreased by 26.9 percent from the net profit in the same period of the year previously which reached USD 98.17 million.

Quoted from Adaro's financial report, Monday, May 3, the decline in profit was inseparable from the decline in revenue. The company owned by Garibaldi (Boy) Thohir conglomerate posted revenues of USD 691.97 million, a decrease of 7.79 percent from revenue in the first quarter of 2020 which amounted to USD 750.46 million.

In detail, Adaro's revenue is dominated by sales of coal to third parties, namely sales to the export market amounting to USD 512.294 million and the domestic market amounting to USD 140.35 million. Mining services to third parties generated revenues of USD 22.34 million.

Meanwhile, coal sales to related parties in the domestic market were only USD 6.91 million. Meanwhile, customers who have transaction revenue of more than 10 percent of total revenue are to TNB Fuel Services Sdn. Bhd. worth USD 120.25 million US dollars.

However, ADRO managed to suppress some of its burdens during the first quarter. Cost of revenue, for example, decreased 9 percent from the original USD 552.06 million to USD 502.19 million.

Operating expenses also decreased 25 percent to USD 45.90 million. Even so, other expenses were observed to increase, from the previous USD 8.74 to USD 10.29 million.

As of March 31, 2021, ADRO's total assets amounted to USD 6.48 billion, consisting of USD 2.38 billion in liabilities and USD 4.1 billion in equity.

ADRO's cash and cash equivalents reached USD 1.19 billion. This figure is up from the position as of December 31, 2020, which was only USD 1.17 billion.