Antam's net profit plunges 87 percent in Q1
Ika Krismantari, The Jakarta Post, Jakarta | Fri, 05/01/2009 2:17 PM
State mining company publicly listed PT Aneka Tambang (Antam) said on Friday that its first quarter profit plunged 87 percent on the back of lower prices and sales volume.
Antam's unaudited net profit dropped to Rp 90 billion (US$8.55 million) in the first quarter of this year from Rp 675.3 billion in the same period last year, as demand for nickel was hurt by the global economic crisis.
Antam only sold 801,939 metric tons as of March 2009, a 60 percent drop compared to the sales volume for the same period last year.
The company said that its selling price fell 56 percent to US$27.89 per metric ton in the first quarter of this year.
