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MIND ID turns to H1 net profit as metal prices rise
The company booked a net profit of Rp 3.58 trillion (US$251 million) in the January-June period, which compares to a Rp 2.18 trillion net loss in the same period last year.
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MIND ID president director Orias Petrus Moedak speaks at an event marking the company's third anniversary in this undated picture. (Courtesy of MIND ID)
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tate-owned mining holding company Mining Industry Indonesia (MIND ID) booked a net profit in the first half of this year, turning around a net loss from the same period last year, as increased demand pushed up global commodity prices.
The company booked a net profit of Rp 3.58 trillion (US$251 million) in the January-June period, which compares to a Rp 2.18 trillion net loss in the same period last year, according to its latest financial report filed with the Singapore Exchange.
MIND ID president director Orias Petrus Moedak said on Tuesday that he hoped the company would achieve a full-year net profit of Rp 9 trillion to Rp 10 trillion by focusing on increasing production, accelerating investments and maintaining liquidity.
“[We] are optimistic that the company can [achieve] the target,” Orias said during a virtual press conference.
Globally, coal and metal prices continued their upward trajectory during the first quarter of 2021 and have surpassed prepandemic levels, according to World Bank data, reflecting strong demand in China and ongoing global recovery.
Indonesia's own mineral benchmark price (HMA) for nickel and aluminum fluctuated earlier this year but has been rising since May, Energy and Mineral Resources Ministry data shows.
Read also: Coal, nickel resilient as pandemic hits Indonesia’s 2020 mining output
