JAKARTA (Yosefardi) – Investors focused buying shares of PT Adaro Energy Tbk (ADRO) this morning after the company reported 11% growth in its coal production last year.
At 9.33 am Jakarta time, ADRO gained 2.23% to Rp915 per share. The stock had fallen 25.6% since December 10, 2013, but gained 40.7% from its bottom in August 9, 2013.
Adaro reported coal production of 52.27 million tons last year, an increase of 11% from 2012, mostly due to 511% jump in Paringin coal output to 5.74 million tons, while Tutupan and Wara were flat and 3% growth respectively.
Adaro claimed strong demand and limited supply had boosted international thermal coal price in fourth quarter of 2013. Adaro sets production target of 54-56 million tons this year at cash cost (excluding royalty) at US$35-38 per ton. It expects to book EBITDA between US$750 million and US$1 billion. Adaro allocates capital expenditure (capex) of US$250 million for this year.
Other coal stocks, Bumi Resources also rose 1.32%, Delta Dunia increased 2%, Berau Coal Energy gained 1.1%, and Bumi Resources Minerals up 0.88%.