Indonesia's Antam '09 Profit Falls on Nickel Price-Shanghai Metals Market

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Indonesia's Antam '09 Profit Falls on Nickel Price

Industry News 10:08:58AM Mar 01, 2010 Source:SMM

JAKARTA, Mar. 1 -- PT Aneka Tambang (ANTM.JK: Quote), an Indonesian nickel and gold miner, said its 2009 net profit fell 59 percent to 559 billion rupiah ($59.8 million), hit by lower nickel prices and ferronickel sales.

Net profit for January-December dropped to 559 billion rupiah, down from 1.368 trillion rupiah a year earlier, the state-owned company said in a statement posted on the Australian Securities Exchange website.

Revenue fell by 9.5 percent to 8.68 trillion rupiah, against 9.59 trillion rupiah in 2008. The figures are unaudited, according to Aneka Tambang, also known as Antam.

Net profit posted by Antam was around 15 percent lower than forecasts. Analysts polled by Thomson Reuters I/B/E/S had forecast Antam would post a net profit of 662.67 billion rupiah last year.

Antam produced 12,550 tonnes of ferronickel last year, with sales volume dropping 17 percent. Average prices of ferronickel fell 33 percent to $6.63 per pound.

But gold sales volume rose 31 percent and average prices increased by 11 percent to $970.97 per ounce.

Antam, which has a stock market value of $2.12 billion, had previously said it expected sales in 2010 to rise nearly 60 percent to 19,000 tonnes after restarting its third ferronickel smelter.

Antam shares closed 1.22 percent higher at 2,075 rupiah on Thursday. Friday was a public holiday in Indonesia.


 

Indonesia's Antam '09 Profit Falls on Nickel Price

Industry News 10:08:58AM Mar 01, 2010 Source:SMM

JAKARTA, Mar. 1 -- PT Aneka Tambang (ANTM.JK: Quote), an Indonesian nickel and gold miner, said its 2009 net profit fell 59 percent to 559 billion rupiah ($59.8 million), hit by lower nickel prices and ferronickel sales.

Net profit for January-December dropped to 559 billion rupiah, down from 1.368 trillion rupiah a year earlier, the state-owned company said in a statement posted on the Australian Securities Exchange website.

Revenue fell by 9.5 percent to 8.68 trillion rupiah, against 9.59 trillion rupiah in 2008. The figures are unaudited, according to Aneka Tambang, also known as Antam.

Net profit posted by Antam was around 15 percent lower than forecasts. Analysts polled by Thomson Reuters I/B/E/S had forecast Antam would post a net profit of 662.67 billion rupiah last year.

Antam produced 12,550 tonnes of ferronickel last year, with sales volume dropping 17 percent. Average prices of ferronickel fell 33 percent to $6.63 per pound.

But gold sales volume rose 31 percent and average prices increased by 11 percent to $970.97 per ounce.

Antam, which has a stock market value of $2.12 billion, had previously said it expected sales in 2010 to rise nearly 60 percent to 19,000 tonnes after restarting its third ferronickel smelter.

Antam shares closed 1.22 percent higher at 2,075 rupiah on Thursday. Friday was a public holiday in Indonesia.