State-owned nickel PT Aneka Tambang Tbk (Antam) expects 2010's net profit to rise more than double than the previous year of Rp604 billion. The company estimates revenue this year might grow % from Rp8.65 trillion in 2009.
Antam targets ferronickel sales volume will reach 19,000 tons and 5 million tons of nickel ore. "If the ferronickel price is stable at the lecel of US$9.5 per pound and gold price is steady at US$1,150 per ton, our sales volume could achieved, we believe Antam net profit could rise double than last year," said Antam Finance Director Djaja Tambunan told Insider Stories.
Antam CEO Alwin Syah Loebis added that the company expects revenue might increase 5% in 2011 from this year's level.
The company has several expansion projects such as Chemical Grade Alumina Tayan, Smelter Grade Alumina, FeNi Halmahera and Nickel Pig Iron Project. Those projects require US$2 billion investment until 2014.
Disclosure: No position at the stock mentioned above.
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