Antam?s net income down 80% to $5.6 million in H1 2002
Friday, September 13 2002 - 07:00 AM WIB
?This is an 80 percent decrease compared to the Rp263 billion (US$24.5 million) and EPS of Rp137.90 of the same period in 2001,? Antam said in a statement to Australia Stock Exchange.
Antam is listed on Australian Stock Exchange and Jakarta Stock Exchange.
Antam said the decrease is attributed to lower production and sales of nickel and gold due to a strike and necessary repairs at Pomalaa in Central Sulawesi, a lower high grade nickel ore sales price and lower grades of ore at Pongkor in West Java, combined with higher costs following the full removal of fuel subsidies, as well as a stronger rupiah, which caused a foreign exchange loss of Rp71 billion and reduced revenues by Rp82 billion.
Meanwhile Antam said the net sales revenue had decreased 15 percent to Rp 708 billion compared to the Rp800 billion of the same period in 2001. Instead of a stronger rupiah it also due to decreased production of contained nickel in ferronickel and gold.
About 75 percent of Antam's revenues are denominated by dollar. During the first half of 2002, the rupiah strengthened to Rp9,456 compared to Rp10,720 in 2001.
It external auditor, Ernst & Young, had reviewed its financial statements, Antam added. (robert)