Antam suffers net loss despite revenue surge
Tuesday, December 1 2015 - 02:14 AM WIB
IDX-listed mining company PT Aneka Tambang Tbk (Antam) said that it suffered a net loss of Rp 1.04 trillion in the first nine months of this year amid lingering drop in commodity prices.
The company did not provide comparative figure for the corresponding period of last year, but it said in a statement Monday that other non-case expenses have caused Antam to suffer net loss during the nine-month period of 2015.
Antam reported revenue in the January-September period of this year increased by 56 percent to Rp 9.04 trillion, year-on-year, thanks primarily to a 129 percent surge in the sales volume of gold to 12,648 kg.
Despite the volatility in commodity prices, a significantly higher sales volume of gold and continuing efficiency measures have allowed Antam to book a gross profit of Rp 422.68 billion in the first nine months of this year, company President Director Tedy Badrujaman said in the statement, without providing comparative figure.
Antam said that it continued to deliver positive operating performance in the first nine months of this year. It said that ferronickel production increased by 10 percent to 12,838 tons nickel in ferronickel (TNi) during the period, compared to the same nine-month period of last year. Sales volume also increased by 4 percent to 13,388 TNi. Its key markets during the period were South Korea, Europe, and China.
Meanwhile, gold sales volume jumped by 129 percent to 12,648 kg (406,643 oz). Aside from gold output at its Cibaliung and Pongkor mines in West Java, Antam also refines output from third parties across the country.
Elsewhere, Antam said it continues to adopt various efficiency measures to help cope with the current mining sector downturn.
It also reported that progress of EPC work at its Pomalaa ferronickel plant expansion project (P3FP) in Southeast Sulawesi has reached 96.95 percent.
Antam said that as part of commodity expansion program. it has also set up cooperation with Newcrest Mining Ltd to identify new opportunities in gold and other mineral exploration projects in several parts of the country including West Java, East Java, South Sumatra, Nusa Tenggara, North Sulawesi, Halmahera and Maluku.
Editing by Reiner Simanjuntak