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View all search resultsMetal miner Antam sees net profit fall 80% in first half
The government's ban on nickel ore exports significantly impacted the miner's half-year revenue, but it posted an uptick in gold sales.
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ublicly listed state-owned metal miner PT Aneka Tambang (Antam) has seen its net profit sink 80 percent year-on-year (yoy) to Rp 84.8 billion (US$5.82 million) in the first half of the year, dragged down by poor nickel and ferronickel sales but anchored by gold sales, according to its half-year financial report.
Antam’s revenue fell 36 percent to Rp 9.2 trillion, while its costs fell by nearly the same percentage at 35.6 percent to Rp 7.9 trillion over the same period.
“Antam’s reported financial performance has been in decline throughout the PSBB, especially its net profit. [...] Antam has been more reliant on its gold bar volumes," analyst Nafan Aji of Binaartha Parama Sekuritas told The Jakarta Post on Tuesday.
He was referring to the large-scale social restrictions policy that was introduced in four months ago in response to the COVID-19 health crisis.
Read also: Gold price surge blessing in disguise for Indonesia
Technically a partial lockdown, several regions across the country implemented the PSBB in early April in an effort to curb the spread of the coronavirus. The restrictions included self-quarantine, work from home and study at home policies, as well as enforced the temporary closure of offices, retail outlets and factories.
In early June, despite record numbers of COVID-19 cases per day, the government started easing the PSBB to gradually reopen the economy to cushion the economic impacts of the epidemic.
