Indocopper's 1999 profit drops
Friday, June 23 2000 - 03:15 AM WIB
Publicly-listed PT Indocopper Investama Corporation's profits dropped to Rp 14.50 billion last year from Rp 48.22 billion in 1998.
Because of the drop in net profits, the company would only pay Rp 15.06 billion in dividends, or Rp 702.86 per share, compared to Rp 455.98 billion distributed in 1998, or Rp 2,146 per share.
Indocopper said that the fall in profits was mainly attributed to the fall of cooper and gold prices in the international market.
Most of Indocopper's revenue currently comes from its stakes at copper and gold miner Freeport Indonesia. It controls 9.36 percent stake at Freeport.
Indocopper has also interests in other mining companies, including 10 percent stake at PT Irja Eastern Minerals, and 9 percent at PT Mineserve International. The company believes its stake in the last two companies would start contributing significant revenues in near future. (*)