Antam?s net profit down 43% in 2002

Publicly listed diversified mining firm PT Aneka Tambang Tbk (Antam) posted an unaudited net profit of Rp 204.013 billion in 2002, down from Rp 358.155 billion in the previous year due to lower sales and rising costs.

Antam said last year?s revenues from ordinary activities were down to Rp1.71 trillion from Rp1.73 trillion in the previous year, while expenses from ordinary activities rose to Rp1.42 trillion from Rp1.21 trillion, respectively.

The company said earnings per share dropped to Rp106.94 from Rp187.74 in the previous year.

The disappointing results were mainly due to lower production volume, stronger rupiah and the removal of fuel subsidies, Antam reported to the Australian Stock Exchange.

The company is listed on the Australian Stock Exchange and the Jakarta Stock Exchange.

It said ferronickel production dropped 14.54 percent last year from the previous year, while gold production declined 4.17 percent.

Antam said in the U.S. dollar terms, the average selling price of ferronickel was up 15.97 percent while gold price was up 15.22 percent. But the rising price was offset by the depreciation of the dollar to the rupiah. Ninety eight percent of the company?s revenue was in dollar.

The company added that the rupiah appreciated to an average Rp9,171 against the dollar last year from Rp10,357 in 2001.

Antam is majority owned by the Indonesian government. (robert)