PT Inco?s Q1 profit soaring

Net profit of PT International Nickel Indonesia Tbk (Inco) skyrocketted to US$227.8 million in the first quarter of 2007, rising by 426% from $43.3 million in the same period last year.

 

The increase was boosted by the rise in the average selling price of nickel to $29,149 per ton from $11,136 per ton and sales to $446.7 million from $181.9 million in the same period.

 

“The better corporate performance in the first quarter of 2007 reflected attractive nickel market and solid operational performance and management strategy in encountering the lower rainfall as from September 2006 to February 2007,” Inco’s President Director Arif Siregar said.

 

The company produced 18,000 tons of nickel in the first quarter of 2007, compared to 17,400 tons in the same period last year and the selling volume down from 15,300 tons to 16,300 tons.

 

Arif also disclosed that his company would operate fuel power plant when hydro power plant is not adequate in a bid to maximize production amid the high price.

 

“In relation thereto, the company revised upward the production target to 160 – 165 million tons in 2007. The operation of additional diesel oil power plant is expected to help the company achieve the target,” he added. (godang)