PT. Inco?s Q3 net earnings soars on improving nickel price

South Sulawesi based nickel miner PT. International Nickel Indonesia (PT. Inco) on Thursday reported significant jump in unaudited net profit to US$ 11.7 million in the third quarter of 2002, from $ 1 million in last year?s corresponding period.

Nine-moth net profit soared 42 percent to $ 24.5 million in 2002 from $ 17.3 million last year.

PT. Inco president and CEO EW. Hodkin attributed the jump in net earnings due to improvement of nickel price.

PT. Inco?s realized nickel matte in the third quarter increased to $ 2.48 per pound, from $ 2.15 pound in the third quarter last year. Nine-month average selling price was$2.28 per pound versus $ 2.32 per pound last year.

The company produced 34.7 million pounds of nickel matte in the third quarter of this year, slightly lower than last year?s corresponding period production of 35.8 million pounds. Nine-month production was 104 million pounds, slightly higher than last year?s corresponding period production of 103.9 million pounds.

The company said production decrease during the third quarter of this year was due to lower ore grade processed and maintenance of its power plant. It also said it was on track to meet production target of 130 million pounds this year.

PT. Inco, which is listed in JSX, is 59 percent controlled by Canadian nickel miner Inco Limited. (alex)