PT Inco? Q1 net profit increase by 27%
Friday, May 7 2010 - 01:08 AM WIB
Sales revenue was $255.6 million for the three months ended March 31, 2010, an increase of 8.9 percent from $234.8 million in the fourth quarter of 2009. This was mainly due to higher deliveries of nickel in matte combined with higher net average realized prices.
In the first quarter of 2010, nickel in matte deliveries totalled 18,021 metric tons with an average realized price of $14,182 per metric compared to 17,095 metric tons and $13,733 per metric ton, respectively in the previous quarter
Compared to the same quarter of last year nickel in matte deliveries and average realized price also increased from 16,220 metric tons and $8,309 per metric ton, respectively.
?The increase was mainly due to higher actual throughput ? aided by the rescheduling of a roof repair to one of our electric furnaces that moved to the second quarter of 2010 from the first quarter,? the company said.
Nickel in matte production reached 19,811 metric tons, up from 17,029 tons in the previous quarter.
Production was 1,790 metric tons more than the deliveries in the first quarter 2010 due to the shipment schedule. This resulted in higher nickel in matte inventories, which may offset the impact in second quarter 2010 production due to maintenance shutdown.
Works have continued to build the Karebbe hydroelectric power generating plant at a total cost of US$410 million. All fabrication packages are progressing as planned and construction works have been 20% completed, it said.
The Karebbe project is expected to come on stream in the second half of 2011.
The project will produce enough hydroelectric energy to replace all existing oil and diesel use to feed the electric furnaces at the Sorowako facility and is the main initiative in Inco?s energy cost reduction program. (denny)