Antam’s 2003 net profit up on higher commodity prices
Tuesday, March 16 2004 - 01:41 AM WIB
Publicly listed state miner PT Aneka Tambang Tbk (Antam) on tuesday reported a 66 percent jump in 2003 unaudited operating profit of Rp 468 billion (US$55 million) compared to previous year’s operating profit.
The company said the increase was due to higher gold and nickel prices.
But the company also said costs of sales and operating expenses increased, largely due to higher labour costs.
The biggest cost increase came from benefits paid to employees.
Net profit for 2003 rose by 20 percent to Rp 243 billion, or earning per share of Rp 127.24. (Alex)