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Adaro to pay shareholders $75.5 million in dividends
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One of the coal mines owned by PT Adaro Indonesia in Balangan, South Kalimantan. (The Jakarta Post/R. Bertho Wedhatama)
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daro Energy Tbk will pay out 49 percent of its 2015 net income as dividends to shareholders. The final dividend amount, totaling US$75.5 million, was approved at the company's annual general shareholders meeting on Monday.
An interim cash dividend of $35.18 million was paid on Jan. 15 and the remaining $40.3 million will be distributed as a final cash dividend, said Adaro Energy president director Garibaldi Thohir.
“We have successfully passed through rough times and taken a profit. Thus, we can share this dividend,” he said on Monday in Jakarta.
Adaro recorded net profit of $152.44 million in 2015, a 14.31 percent drop from the $177.9 million profit it pocketed in 2014. Sluggish commodity prices, including that of coal, have put pressure on its financial performance.
The firm's sales volume slumped 7 percent year-on-year to 53.1 million tons last year, dragging down its revenue by 19.5 percent to $2.7 billion.
Adaro Energy finance director David Tendian said the firm was allocating between $75 million and $100 million in capital expenditure this year, which it will use mainly for maintenance.
In 5 to 10 years' time, Adaro aims to be focused on the coal, logistics and power production sectors and to have stabilized its overall business.
This year, the firm plans to increase coal production to as much as 54 million tons, up from the 51.46 million tons recorded last year. (sha/ags)
