Antam's 9-month net profit soars on nickel sales, production
Saturday, October 30 2010 - 02:11 AM WIB
The significant increase in net profit was caused by higher ferronickel production, sales and prices during the period.
Production in the nine-month of the year reached to 14,045 tons nickel (TNi), a 62 percent increase over the same period of last year. Higher sales volume and a 53 percent increase of nickel price to US$9.48 per lb. generated Rp 2.1 trillion, 54 percent higher compared to the same period last year.
Ferronickel sales rose 14 percent during the period to 10,966 TNi.
For the first nine months period of 2010, Antam sold 4,060,813 wet metric ton (wmt) of nickel ore, a 7 percent increase compared to the same period last year. Due to increased sales volumes as well as higher sales price, Antam?s nickel ore sales revenue in the nine month period increased 37 percent to Rp 1.6 trillion.
Total gold production during the first nine months of 2010 amounted to 2,035 kg. Antam sold 5,004 kg of gold in nine months, a 50 percent decrease compared to the same period last year due to lower gold trading by Logam Mulia.
Lower sales volume generated a 49 percent decrease in gold revenue to Rp 1.7 trillion in the nine-month period despite a 26 percent increase of sales price of US$1,178.48 per toz.
During third quarter 2010, gold production increased by 6 percent to 623 kg due to additional gold production from new gold mine of Cibaliung. The gold production at Pongkor reached 502 kg, a 14 percent decrease over the same quarter of last yer due to lower ore production and decreased grades.
The production of gold ore at Pongkor during the third quarter of 2010 amounted to 91,885 wmt compared with 97,779 wmt in the same period last year. In the third quarter of the year, gold sales decreased by 39 percent to 1,600 kg compared with the same quarter last year due to lower precious metals trading. (denny)