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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (66634)	8/31/2010 9:31:57 AM
From: LoneClone	Read Replies (1) \| Respond to of 194794

Indonesia's Adaro says H1 net profit fell 38 pct Mon Aug 30, 2010 12:29pm GMT af.reuters.com JAKARTA Aug 30 (Reuters) - PT Adaro Energy (ADRO.JK: Quote), Indonesia's biggest coal miner by market value, said first-half profits dropped 38 percent because of lower average selling prices and a strong rupiah. Adaro, which has a market capitalisation of $7.08 billion, reported a net profit of $125 million in the first six months. That compared with a net profit of $203 million in the year-ago period. Revenues rose 12 percent to $1.3 billion from $1.17 billion a year ago. Adaro previously said that it expects production to rise by as much as 13 percent to 45-46 million tonnes in 2010, from 40.6 million last year. The firm produced 21.62 million tonnes in the first half and reported sales volume of 21.75 million tonnes, up 22 percent, Adaro said previously. Analysts forecast full-year net profit of 4.02 trillion rupiah ($446.1 million), according to the consensus in Thomson Reuters I/B/E/S. Adaro shares rose 15 percent in the first half, in line with the broader market .JKSE, which was up 16 percent in the same period. Adaro's shares closed down 0.5 percent at 1,980 rupiah on Monday before the company released its results, while the overall market was down 0.17 percent. (Reporting by Janeman Latul, Editing by Sara Webb)