Antam?s 9-month net profit increased by 36 percent
Thursday, October 30 2003 - 10:30 AM WIB
The company said the increase is mainly due to higher selling price of nickel and gold, coupled with steady costs and improved production and sales.
The steady climb of Rupiah, however, slightly impacted the company?s revenue, as 99 percent of the company?s revenue was Dollar denominated.
Revenue for the fisrt nine-month of 2003 increased 26% to Rp.1.4 trillion. In US Dollar term, the company?s sales amounted to US$ 166 million versus $122 million last year.
During the first nine-month of 2003, sales volume of ferronickel increased 23 % to 6,853 tons, compared to 5,552 tons in the same period last year. Improved ferronickel sales volume was due to normalized production on better power output after the company entered into power rental and services agreement with third parties as well as ferronickel processing sevices at Pamco. Antam ferronickel sales amounted to Rp.484 billion in revenue, an increase of 43 percent over the same period last year. The average realized selling price for nickel rose 25% to US$3.72 per lbs in the nine months of 2003.
The company?s saprolite sales volume decreased 9% to 1.57 million wet metric tons due to heavy rainfall and shifts in shipping schedule. Limonite sales volume increased 25 percent to 792,000 wmt. Revenues from combined limonite and saprolite sales increased by 36% to Rp.455 billion due to higher selling price. Weighted average realized saprolite price increased 46% to $27.06 per wmt, while limonite increased 113% to $12.22 per wmt.
Company?s 9-month gold sales increased 24% to 3,613 kgs in line with increased production and Antam?s policy to reduce inventory to tap high gold selling price.
Meanwhile, Antam also reported third quarter ferronickel production was 2,620 tonnes , up 15 percent on a year earlier due to smelter's production improvement.
Gold production in the third quarter fell 19 percent to 966 kg from the same quarter in 2002, due to a lack of good quality grades and backfill work at one of its mines.(alex/robert)
