Indonesia's coal major Adaro Energy saw its coal output jump 29% on the year to 15.69 million tonnes in the first quarter of 2023, according to its latest quarterly report.

This is mainly bolstered by a 20% rise in thermal coal production, at 11.81 million tonnes, while coking coal output nearly doubled to 1.22 million tonnes.

The strip ratio was 3.6 in the first quarter, down from 3.97 in the same period last year, helping to raise output despite rainy weather.

Its coal sales over this period also increased 29% year on year to 15.72 million tonnes. Sales to the domestic producers made up 25% of overall sales.

Exports totaled 11.81 million tonnes over the period, a 38.3% rise from the previous year, with the bulk of coal shipped to China and India, accounting for 19% and 9% of the company's total sales, respectively.

Thanks to the strong increase in production and sales, its core earnings increased 11% to $538 million. Free cash flows spiked 48% to $522 million tonnes versus $352 million in Q1 2022.

The company booked revenue of 1.84 billion in Q1, up 50% from 1.23 billion in Q1 2022, mainly boosted by a 17% rise in average selling price.

(Writing by Alex Guo  Editing by Harry Huo)
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