Antam records bigger loss in 2015
Wednesday, March 2 2016 - 02:03 PM WIB
Sales rose 12 percent on year to Rp 10.5 trillion. Despite the increase in sales, the firm posted a bigger loss due to among others increase in costs. Its costs rose 94 percent to Rp 246 billion, Kontan reported.
The main source of revenue was gold sales which contributed Rp 7.31 trillion or 70 percent of total sales. In terms of volume, gold sales rose 42 percent to 14,179 kg. The second largest contributor to revenue is ferronickel, which recorded Rp 2.72 trillion in revenue or 26 percent of total sales, the firm said in a statement.
Spending for investment last year reached Rp 2.02 trillion, including Rp 226.43 billion in routine investment and Rp 1.75 trillion in development investment.
?Amid volatility of global mining industry, Antam?s financial performance is still on track, which was reflected in the significant increase in gold sales. This, coupled with efficiency program, enabled Antam to book a gross profit in 20115. Antam also booked a Rp 2.33 trillion increase in land value thanks to revaluation,? President Director Tedy Badrujaman said.
The firm?s gold production from Pongkor and Cibaliung mines fell to 2,210 kg in 2015 from 2,342 kg in the previous year. Aside from gold from Pongkor and Cibaliung, Antam also processed gold supplied from third parties at its gold refinery plant.
Meanwhile, ferronickel production rose 2 percent to 17,211 tons of nickel in ferronickel (TNi) compared to the previous year. Ferronickel sales reached 18,643 TNi.
The firm said progress of EPC works at its Pomalaa expansion project has reached 98.67 percent, while the refinery project in Halmahera Timur is now in redesign and retender phase after the firm received financial supports from the government at the end of 2015.
Editing by Johannes Simbolon