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Antam’s net profit drops 30.12 percent yoy in Q1
Antam president director Arie Prabowo Ariotedjo said the profit decline was triggered mainly by the decrease in nickel price and fewer exports in the first quarter.
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Work proceeds at an office of state-owned diversified mining company PT Aneka Tambang (Antam). (Tempo/Dasril Roszandi)
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iversified mining company PT Aneka Tambang recorded Rp 171.67 billion (US$ 11.84 million) in net profit in the first quarter of 2019 or 30.12 percent down year-on-year (yoy).
Antam president director Arie Prabowo Ariotedjo said the profit decline was triggered mainly by the decrease in nickel price and fewer exports in the first quarter.
“The nickel price in Q1 was lower than the price last year. We also exported less bauxite. We only sent two or three ships. We hope to catch up in Q2 as we obtained an export permit in Q1,” he said in a press statement recently.
In March, Antam received an additional export quota of 2.7 million tons of ore nickel after showing good progress in its ferronickel smelter development in Pomalaa, Southeast Sulawesi.
“Now, we have [large] stock and the export permit has been issued. Hence, [in the second quarter], we can send four to six ships in one month,” Arie added.
Meanwhile, Antam’s revenue from gold sales -- the main contributor to the company’s revenue -- reached Rp 3.94 trillion in the first quarter or 63 percent of the company’s total revenue, which was recorded at Rp 6.22 trillion, a growth of 9 percent yoy.
Sales of ferronickel, which is the company’s second-biggest revenue contributor, reached Rp 1.23 trillion in the first quarter or 20 percent of the company’s total revenue in the quarter. (bbn)
