INCO says 3Q profit almost triple on sales

Publicly listed nickel producer PT International Nickel Indonesia (INCO) said its profit almost tripled in the third quarter of the year, helped by higher sales, Kompas newspaper reported in its Friday edition.

Unaudited net income surged to US$82.9 million, or 8 cents a share in the third qurter of the year, from $28.2 million, or 3 cents a share, in the same period last year. Net income for the first nine months surged to $208.9 million or $0.21 a share from $65 million or 7 cents a share in the same period of last year .

INCO president and chief executive officer Bing Tobing said on Thursday in Jakarta that the firm booked a record quarterly output of 20,100 tons or 44.3 million pounds of nickel in matte in the third quarter of the year.

"We shall meet production target of 160 million pounds of nickel in matte this year despite planned shutdown in the last quarter of the year," he said. (*)