ADRO - 1H23 result update

ADRO - 1H23 result update Adaro Energy Indonesia (ADRO) 1H23 financial performance deteriorated amidst price fluctuation as well as continued cost pressure. Its revenue inched down 2% due to a 18% drop in ASP, while its sales volume remained solid with +19% increase, derived by higher production by +19%. ADRO's COGS increased by +34% yoy on the back of raising royalty, fuel and mining activity cost. Its OB removal and SR were up by +27% and +7%, respectively. It resulted a declining GPM to 42% from 57% in 1H22. ADRO's net profit dropped by -29% yoy. Meanwhile, its net cash position remained solid of USD1,324 mn in 1H23. (Source : Investor Daily)