Sep 30, 2011

Antam 1H profit up 35%, margin still flat

The state-owned nickel and gold miner PT Aneka Tambang Tbk (Antam) today reported a 35.33% increase in net profit in the first half of this year, mainly contributed by net other incomes and dividends. But, operating margin remained flat at 25%.
Antam posted Rp1.02 trillion net profit in 1H 2011 from Rp756.30 billion in 1H 2010. Net other incomes rose to Rp117.56 billion, a reversal from net other loss of Rp64.41 billion a year ago.
Operating profit rose 16.51% to Rp1.27 trillion from Rp1.09 trillion. But, Antam's operating margin was flat at the level of 25% as a result of higher operating expenses.
The company booked a 13.19% increase in net sales to Rp4.89 trillion from Rp4/32 trillion. Cash and cash equivalent at the end of period decreased to Rp2.84 trillion from Rp3.22 trillion.
Disclosure: No position at the stock mentioned above.

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