Antam net profit declines 25 percent

The 1999 net profit of the publicly listed state owned gold and nickel-mining firm PT Aneka Tambang declines by 25 percent to Rp 225.19 billion compared to the level in 1998, according to the company.

The company said in a press statement that the decline was primarily due to the stronger rupiah against the U.S. dollar and the lower interest income. Antam export some of its products.

But ferronickel production volume increased by 9 percent to 9,221 tons following the completion in February of its ferri-1 facility.

The improving security condition in the Pongkor, West Java, gold mining site had helped in increasing production volume by 88 percent to 2,956 kg. (*)