One of Indonesia’s largest nickel and gold producer, PT Aneka Tambang Tbk (Antam) packed 231.31% operating income jump last year.
In the financial statement being published today, such jump was backed by the declining cost of goods sold as much as 22.64%.
As a matter of fact, the net sale of the state run company was relatively stagnant as it only grew by 0.34% to IDR8.74 trillion in 2010 compared to IDR8.71 trillion in 2009. Antam’s cost of goods sold slipped by 22.64% to IDR5.81 trillion compared to IDR7.51 trillion.
As a result, the company’s gross profit soared by 147.06% from IDR1.19 trillion to IDR2.94 trillion. Antam whose share is still controlled by government also recorded gross margin jump from 13.66% to 33.64%.
The company’s operating margin fantastically soared from 6.74% to 22.31%. In the bottom line, Antam’s net income soared by 178.56% to IDR1.68 trillion or IDR176.77 per share from IDR604.31 billion or IDR63.46 per share.
Disclosure: No position at the stock mentioned above.
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