Antam's performance getting more prospective
Monday, August 14 2000 - 04:00 AM WIB
The performance of PT Aneka Tambang (Antam) in the golden dragon year of 2000 shows growth that is getting more prospective. This publicly-listed general mining company has been improving amid the difficulties faced by many issuers in the Jakarta Stock Exchange.
Based on its financial report as of June 30, 2000, there are many factors contributing to the company's success, including an increase in production and increase in prices of its products. In addition, the management is also successful in improving the company's efficiency.
Antam's production level shows increase in all of its product line, except low-level nickel ore and iron sands. The production of ferronickel in the first semester of this year, for instance, increased by 37 percent compared to the same period of last year, and of gold by 216 percent. And its silver production rose from 5,819 kilograms to 14,329 kilograms as of June 30, 2000.
Meanwhile, international prices of its minerals also increased. The prices of ferronickel, for instance, rose by 76 percent from the same period of last year. And the prices of nickel reached its highest level in the last 10 years; while the prices of gold increased by only 4 percent.
Antam's sales for the first semester of this year rose by 104.59 percent to Rp 725.260 billion from Rp 354.489 billion last year.
The strengthening of the U.S. dollar against the rupiah this year also benefits Antam because it exports many of its products, and this brings dollars. On the other hands, its production remains relatively the same because it is financed by rupiah.
Because of those positive factors, Antam booked a net profit of Rp 212.272 billion, or increasing by 362 percent from the profit booked in the same period of last year, namely Rp 58.55 billion.
This shows that the prospect of Antam is positive and Antam will remain a profitable company, and thus it will improve its shareholders value.
This year, the company ill continue to maximize its profits by increasing its production level, including mining again its nickel ore in Gabe island thanks to improving social and political situation in Maluku.
The company projects that its net profits for this year should reach Rp 341 billion, or increasing by 45.39 percent from the profit booked in 1999, Rp 234.529 billion. (*)