Antam?s Q1 profit soars on higher nickel sales, prices
Friday, April 23 2010 - 01:03 AM WIB
The 125 percent increase was attributed to higher sales volume and prices of ferronickel and nickel ore.
During the quarter, Antam?s ferronickel sales volume rose 43 percent to 1,663 tons nickel (TNi) and ferronickel production reached 4,411 TNi, up 34 percent compared to the same quarter of 2009 in line with the increae in international demand as a result of the global economic recovery.
As the average selling price of ferronickel also increased by 103 percent to US$9.38 per lb., revenue from ferronickel jump by 132 percent to Rp 317 billion.
Volume of nickel ore sales was up by 62 percent to 1,301,469 wmt over the first quarter of 2009 coupled with a 49 percent increase in the production volumes at 1,560,643 wmt. Revenue from nickel ore also jump by 105 percent to Rp 533 billion.
Meanwhile, during the quarter Antam?s gold sales decreased by 66 percent to 2,048 kg due to lower trading activities and gold production during the quarter slightly down by 5 percent to 681 kg.
In line with lower sales and despite a 22 percent higher gold price at $1,133.15 per toz, revenue from gold decreased by 67 percent to Rp 691 billion.
Overall, Antam?s revenue decreased 37 percent to Rp 1.6 trillion compared to Rp 2.6 trillion in line with lower trading activities. (denny)