Antam's profit up 360 percent<\/p>\n
JAKARTA (JP): PT Aneka Tambang (Antam), a general mining
\ncompany listed on the Jakarta Stock Exchange, reported a 360
\npercent increase in its consolidated net profit after tax to Rp
\n319.6 billion (about US$37.6 million) in 1998 as compared to Rp
\n69.5 billion in 1997.<\/p>\n
The company attributed the sharp increase in earnings to the
\nsharp depreciation of the rupiah against the U.S. dollar during
\nthe year.<\/p>\n
Over 98 percent of the company's sales were based in U.S.
\ndollars while its U.S. dollar-based cash costs comprised less
\nthan 30 percent of the total, the company said in a statement.<\/p>\n
According to the company's 1998 audited results, its realized
\naverage price for ferro nickel sales dropped to $2.08 per pound
\nin 1998 from $3.02 in 1997.<\/p>\n
The realized average price for high grade nickel ore sales
\nalso dropped to $15.35 per wet metric tons from $23.45, gold fell
\nfrom $293.79 per ounce from $333.80, while silver rose to $6.23
\nper ounce from $4.83.<\/p>\n
The company said total sales jumped to Rp 1.02 trillion in
\n1998 from Rp 449.55 billion in 1997 due to the sharp drop in the
\nrupiah's value against the American greenback. (hen)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/antams-profit-up-360-percent-1447893297",
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