Adaro Energy, a prominent IDX-listed coal company in Indonesia, reported a 15.76% decline in its business revenue, amounting to $4.98 billion for the first nine months of 2023, according to its financial report.

This revenue was primarily driven by third-party coal exports, totaling $4.10 billion, down from $5.17 billion against the same period of 2022, representing a 20.7% fall. Sales to domestic customers totaled $592.47 million over the period, compared with $579.93 million year on year.

Garibaldi Thohir, President Director and Chief Executive Officer, acknowledged that ADRO had to navigate price declines and cost pressures due to inflation. However, he asserted the company remains on course to achieve its 2023 targets, owing to its integrated business model.

"We are also well-positioned to participate in Indonesia's downstream initiatives, emphasizing our commitment to long-term sustainable growth," he said, cited in an official statement on November 1, 2023.

Adaro reported a 12% increase in production and an 11% rise in sales during the period, reaching 50.73 million tonnes and 49.12 million tonnes, respectively. These increases were somewhat offset by a 25% decline in the average selling price.

(Writing by Alex Guo  Editing by Emma Yang)
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