Antam books Rp.263 billion net income in H1 2001

State miner PT Aneka Tambang Tbk (Antam) booked consolidated net income of Rp 263 billion (approximately US$25 million) for the first half of 2001, according to the company's report Wednesday.

According to Antam, the result is a 24 percent increase over the Rp 213 billion (US$ = 9,450) of the first half of 2000 which was mainly due to the weakening of the Rupiah against the US$, which was on average 35percent weaker over the first semester.

Net sales in 2001 reached Rp 831.76 billion, up 15 percent from Rp 725.26 billion last year. The cost of goods sold rose 17 percent over first half of 2000, resulting in a 49 percent gross margin. Upwards of 98 percent of the Company's sales revenues are US Dollar denominated, while operating costs are largely Rupiah-based.

Antam's customers come from throughout Asia and Europe and include SK Global and UOB Singapore for gold and Krupp Thyssen Nirosta, Newco, Sumitomo and Posco for nickel.

Lower sales prices of core products did not prevent higher earnings, said the report.

Antam said the average sales price of ferronickel decreased from US$4.05/lb last year to US$2.82/lb; the sales price of gold decreased from US$288.47/toz to US$269.12/toz and silver decreased 12percent to US$4.48/toz.(alex)