Feb 25, 2011

INCO FY10 net earning jumps 156.64%

Nickel producer PT International Nickel Indonesia Tbk (INCO) today reported a 156.64% jump in net earning last year as sales increased 67.73% as well as higher average realized price.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, INCO's net earning rose to US$438.36 million last year from US$170.42 million in the previous year.
Operating profit surged 157.19% to US$596.37 million from US$231.88 million, reflecting a hefty margin which rose to 46.72% from 30.47%. Gross margin jumped 154.84% to US$624.08 million from US$244.89 million.
Inco posted a 67.73% rise in sales to US$1.27 billion from US$760.95 million. Total nickel matte delivered in 2010 was 77,035 metric tons, a 13.7% higher than 67,782 metric tons nickel matte delivered in 2009. The average realized price was US$16,568 per metric ton, a 47.6% higher than US$11,227 per metric ton.

Disclosure: No position at the stock mentioned above.  

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