Inco books net profit of US$16.3 million in 3rd quarter
Saturday, October 28 2000 - 04:00 AM WIB
PT International Nickel Indonesia Tbk (Inco) booked unaudited net profit of US$16.3 million during the third quarter ended on September this year, rising from $1.5 million in the same period last year, Bisnis Indonesia reported on Saturday.
The company's total net profit reached $63.6 million during the first nine months of this year.
The company's president Rumengan Musu attributed the surge in the net profit to the sharp increase in nickel production and an 8 percent increase in realized nickel price during the third quarter.
He said that although there was a significant improvement in the net profit, the company would continue with the consolidation of the financial position to curb the impact of an increase in fuel prices and the repayment of debts.
The production cost per ton of nickel rose by 8 percent to $2,734 due to the increase in the fuel price, he said. (*)