PT Inco reports Q2 net profit down by 89%

IDX-listed nickel miner PT International Nickel Indonesia Tbk (Inco) announced on Thursday that its unaudited 2009 second quarter net profit reached US$17.4 million, in line with the previous quarter's net profit of $17.2 million, but a 89 percent decrease compared to last year's net profit.

Nickel in matte delivered in the second quarter totals 17,423 metric tons as against 14,600 metric tons in the first quarter of 2009, the company said.

The average realized price for nickel in matte reached $8,894 per metric ton during the second quarter of 2009, compared to $8,309 per metric ton in the first quarter of 2009.

According to Petromindo.com data that the company?s net profit in the same period of last year was $156 million and it sold 19,264 tons nickel in matte at average price of $22,477 a ton during the period.

Production of nickel in matte in the second quarter of this year is slightly down to 16,200 metric tons from 16,300 in the previous quarter.

Sales totalled $155.0 million. up by 27.7 per cent from $121.4 million in the first quarter of 2009.

PT Inco consumed 10,944 kilolitres of diesel fuel at an average cost of $0.47 per liter in the quarter as compared to 10,893 kilolitres at an average cost of $0.74 per liter in the first quarter of 2009. In addition to that, the company used 583,156 barrels of HSFO at an average cost of $49.0 per barrel as compared to 571,287 barrels at an average cost of $54.37 per barrel in the first quarter of 2009.

EBITDA totalled $47.3 million in the second quarter of 2009, compared to $46.3 million in the first quarter of 2009. (denny)

?	Second Quarter 2009	First Quarter 2009	First Half 2009	Second Half? 2008
Nickel in matte production:	16,300	16,200	32,500	35,250
Nickel in matte deliveries:	17,423	14,600	32,023	37,039
Average realized price per metric ton	8,894	8,309	8,627	13,309
Net sales ? millions	155.0	121.4	276.4	492.9
Net earnings ? millions	17.4	17.2	34.6	63.7
Net earnings per share	0.002	0.002	0.003	0.006