Vale Indonesia net profit drops by 42%
Thursday, February 27 2014 - 02:32 AM WIB
IDX-listed PT Vale Indonesia Tbk said that net profit last year reached US$38.7 million, a more than 42 percent drop from $67.5 million in the previous year due to weak nickel price.
The company said in a statement Wednesday that revenue declined only slightly by about 5 percent to Rp 921.6 million from 967.3 million as its average nickel price fell by about 12 percent to $11,939 per ton.
?In 2013, PT Vale produced 75,802 tons nickel in matte, which was 7 percent higher than production in 2012. The increase in production was driven by the realization of its enhanced smelting capacity and production process optimization,? the company said in the statement.
?PT Vale plans to continue to leverage its enhanced smelting capacity and process optimization in 2014 and plans to produce 5 percent more nickel in matte or around 79,600 tons. The company will also continue to advance its cost savings initiatives and focus on ensuring its long‐term sustainability,? it added.
| 4Q13 | 3Q13 | 2013 | 2012? | |
| Nickel in matte production (metric ton (t)) | 18,299 | 19,771 | 75,802 | 70,717 |
| Nickel matte deliveries (US$) | 18.577 | 19,613 | 77,198 | 71,379 |
| Average realized price per metric ton (US$) | 10,797 | 10,981 | 11,939 | 13,552 |
| EBITDA (US$ million) | 40.7 | 39.4 | 203.4 | 207.0 |
| Revenue (US$ million) | 200.6 | 215.4 | 921.6 | 967.3 |
| Earnings (US$ million) | (8.6) | 3.2 | 38.7 | 67.5 |
| Earnings per share (US$) | (0.0009) | 0.0003 | 0.0039 | 0.0068 |
Editing by Reiner Simanjuntak