Indonesia's second-largest coal producer, PT Adaro Energy Tbk (ADRO.JK: Quote, Profile, Research, Stock Buzz), on Friday reported a doubling in nine-month net profit to 686 billion rupiah (US$56.7 million), citing higher selling prices for its coal.
"The significant increase is mostly due to higher achieved selling prices of coal as well as increased production," Adaro said on a statement.
Adaro, which listed on the Indonesian stock exchange this year, said revenue rose 47% to 12.4 trillion rupiah, even though sales volume only increased 9%.
Indonesia is the world's largest thermal coal exporter and coal miners benefitted from soaring commodity prices earlier in the year.
But some analysts have warned that the global financial crisis might hit energy demand and drive coal prices lower, hurting mining companies.
Adaro said that despite difficult weather conditions earlier in the year, production volume rose 6% to 28.7 million tonnes.
Sales volume, including 1.2 million tonnes of third-party coal trading, increased 9% to 30.9 million tonnes, Adaro said.
