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Vale Indonesia revenue up 20% in Q3 on high nickel price
PT Vale Indonesia saw its revenue rise 20 percent year on year (yoy) to $686.43 million as growing volumes and prices more than offset the nickel giant’s higher cost of revenue.
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The Pomalaa nickel smelter in Kolaka, Southeast Sulawesi, operated by state-owned metal miner PT Aneka Tambang (Antam), is pictured in this undated photograph. (Handout/Antam)
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T Vale Indonesia saw its revenue rise 20 percent year on year (yoy) to $686.43 million as growing volumes and prices more than offset a higher cost of revenue.
The nickel mining company, listed on the Indonesia Stock Exchange (IDX) under the ticker code INCO, booked a US$122.93 million in profit in the third quarter, up 60.4 percent yoy, according to its latest financial report.
However, the company saw its cost of revenue rise 6.32 percent yoy to $516.78 million in the same period, mainly due to rising costs of fuel, lubricants and coal.
Vale president director Febriany Eddy said in a statement issued on Thursday that the company’s cost of revenue per ton of nickel matte sold in the third quarter increased by 8 percent from the previous quarter, driven primarily by a higher coal price.
Read also: Nickel giant Vale Indonesia’s profits grow despite pandemic
Vale chief financial officer Bernardus Irmanto said the company would aim to optimize production in the fourth quarter, even though the rebuilding of Furnace 4, which was slated to begin in November, would affect production.
“We will control production costs and efficiency to keep the company’s financial performance positive,” he told The Jakarta Post on Friday, adding that he hoped nickel prices would remain high until the end of the year.
