Aneka Tambang 2010 Net Income Gains on Ferronickel Sales

PT Aneka Tambang said unaudited 2010 profit surged 175 percent from a year earlier on higher sales and prices of ferronickel and lower sales costs. 

Net income rose to 1.66 trillion rupiah ($189 million), or 174.58 rupiah per share, from 604 billion rupiah, or 63.46 rupiah a share, in 2009, the state-owned nickel and gold producer said in a statement to the Indonesia stock exchange today. 

Unaudited revenue for the period rose to 8.75 trillion rupiah from 8.71 trillion in 2009, the company said. Sales volume of ferronickel increased 29 percent to 18,254 tons and average sales price jumped 49 percent, producing a total ferronickel sales gain of 71 percent to 3.7 trillion rupiah from a year ago. Ferronickel and nickel ore accounted for 69 percent of 2010 sales, the company said. 

Antam, as the company is known, is expanding its business to benefit from an increase in price and demand for the metal used in steelmaking. Jakarta-based Antam plans to spend $3.93 billion to develop projects from this year to 2014 to boost output, Development Director Tato Miraza said Feb. 8. Source: Reuters