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Jakarta Post

Metal miner Antam sees net profit fall 80% in first half

  • Norman Harsono

    Jakarta

Jakarta   /   Fri, August 7 2020   /  01:00 am
An employee shows two bars of gold produced by State-owned diversified mining company PT Aneka Tambang (Antam).(kompas.com/Garry Andrew Lotulung)

Publicly 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 r...