Inco Net Profit Soars 336%

VIVAnews – PT International Nickel Indonesia Tbk. (INCO) recorded a net profit of US$75.9 million in the third quarter of 2009. The profit is higher 336.2 percent than the US$17.4 million earned in the second quarter of 2009.

However, during the first nine months of 2009, Inco’s net profit dropped to US$110.5 million compared to the same period of 2008 worth Rp 369.1 million.

Inco President Director Arif Siregar stated in a corporate press release in Jakarta on Thursday, Oct. 29 that the total earnings before interest, tax, depreciation and amortization hit US$128.3 million, higher 171.2 percent compared to the earning in the second quarter of 2009, valuing US$47.3 million.

The cash used for capital expenditure in the third quarter of 2009 reached US$22.7 million, or roughly half the cash spent in the second quarter of 2009, which valued US$41.7 million.

The net income cash is recorded US$62.3 million, compared to the US$55.1 million expenses in the second quarter of 2009.

Meanwhile, the sales in a three-month-period which ended on Sept. 30 reached US$249.8 million, higher 61.2 percent than the second quarter of 2009, valuing US$155 million.

The sale increase was caused by the average realization price of nickel in matte for US$13,394 per metric ton, compared to the price in the second quarter of 2009 of US$8,894 per metric ton.

Sales increased by 18,653 metric ton, higher than the second quarter of 2009 with 17,423 metric ton.

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Translated by: Ariyantri E. Tarman