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Jakarta Post

Antam books modest 6 percent profit growth in Q2

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Tue, October 1, 2019   /   03:51 pm
Antam books modest 6 percent profit growth in Q2 Hello Kitty minted gold bars are among Antam’s innovations to enter the international market. Sales from gold contributed 67 percent to Antam's total revenue in the first half of the year. (Antam's Instagram/File)

Diversified mining company PT Aneka Tambang (Antam) recorded a net profit of Rp 365.75 billion (US$25.67 million) during the first half of the year, up 6 percent from the same period last year.

Antam said in a statement that first half profit was driven by an increase in production and a 22 percent year-on-year (yoy) increase in sales to Rp 14.43 trillion.

Total first half revenue came from the sales of gold (67 percent contribution), ferronickel (16 percent), bauxite (2 percent) and other minerals (15 percent).

In terms of volume, during the first half, gold rose 14 percent yoy to 15,741 kilograms, nickel rose 5 percent yoy to 13,157 tons of nickel in ferronickel (TNi) and bauxite rose 138 percent yoy to 611,000 wet metric tons (wmt).

At present, Antam’s key project is a ferronickel plant development project (P3FH) with a production capacity of 13,500 tons of nickel. The plant reached 97 percent completion in July and, once operational, will increase Antam’s production ferronickel production capacity by 50 percent.

Antam is also building a smelter grade alumina refinery (SGAR) in cooperation with state-owned mining holding company Inalum in West Kalimantan province.