PT Vale?s Q2 earnings down on lower price
Friday, July 31 2015 - 01:28 AM WIB
IDX-listed integrated nickel mining company PT Vale Indonesia Tbk reported that earnings in the second quarter (Q2) of this year fell by 33 percent compared to the first quarter due to weak nickel price.
The company said in a quarterly report Thursday that earnings in the second quarter fell to US$16.8 million compared to the previous quarter. It did not provide year-on-year comparative figure.
The realized nickel price in the second quarter was 11 percent lower than in the first quarter. ?We are monitoring this price volatility continuously and, more notably, maintaining our efforts to improve efficiencies and reduce costs,? said Nico Kanter, CEO and President Director of the company.
Editing by Reiner Simanjuntak