Antam?s sales revenue up 24% in Q4 2003

Publicly-listed state mining company PT Aneka Tambang Tbk. said on Friday that its sales revenues rose 24 percent to Rp 616 billion in the fourth quarter of 2003 over the previous quarter on higher commodity prices.

?Sales volumes of nickel were higher during the December quarter compared to 3Q03 due to increased shipments at the end of the year to meet sales contract requirements,? Antam said in a statement.

Meanwhile, sales of gold decreased in the fourth quarter compared to third quarter, as Antam ramped up sales and reduced inventories in the previous quarter to capitalize on the high gold price.

During the December quarter, Antam produced 1,884 tons of contained nickel in ferronickel, down from the previous of 2,620 tons. Meanwhile, Antam?s gold production reached 1,102 kilograms (kg), a 14 percent increase over the previous quarter. As well, silver production increased by 15 percent to 7,920 kg, compared to 6,878 kg in the third quarter.

Antam said the decrease in ferronickel production was due troubles in Antam's FeNiII smeleter and in power plant.

Antam's full year 2003 ferronickel production reached 8,933 tons.

Furthermore, the company said sales revenues reached Rp 2.04 billion during 2003, a 19 percent increase compared to the previous year?s, with 85 percent of revenues coming from exports. (robert)