Feb 28, 2011

Antam FY10 net income jumps 175%

Nickel and gold miner PT Aneka Tambang Tbk (Antam) today reported a 175% jump in net income last year as ferronickel sales rose and lowering cost of goods sold.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, net income rose to Rp1.66 trillion last year from Rp604.31 billion a year earlier.
"The performance last year reflected a steep jump in ferronickel sales and commodities price hike," said Antam President Director Alwin Syah Loebis in a press statement today.
Unaudited sales slightly increased 0.34% to Rp8.74 trillion from Rp8.71 trillion. Production volume of ferronickel soared 49% to 18,688 tons nickel in ferronickel (TNi) last year. Sales volume rose 29% to 18,254 tons TNi, while average selling price jumped 49% to US$10.12 per pound.
Gold production enlarged 6% to 2,776 kg last year, in line with the operational of gold mine Cibaliung. Gold sales volume fell 49% to 6,561 kg, dragging down revenue from gold to Rp2.35 trillion, despite average selling price increase by 26% to US$1,277 per toz.
Antam's gross profit surged 144% to Rp2.92 trillion from Rp1.19 trillion. Operating profit skyrocketed 238% to Rp1.98 trillion from Rp587.52 billion, lifting up its margin to 23% from 7%.
Antam recorded cash and cash equivalent of Rp4.31 trillion, ballooned 55% from Rp2.77 trillion.

Disclosure: No position at the stock mentioned above.

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