Inco earning up 1st quarter increases<\/p>\n
JAKARTA (JP): Publicly-listed PT International Nickel
\nIndonesia (Inco) announced on Wednesday unaudited net earnings of
\n$18.1 million in the first quarter of 2000, or seven cents per
\nshare, compared to a loss of $2.1 million (one cent per share) a
\nyear earlier.<\/p>\n
The nickel mining company with operations in Soroako, South
\nSulawesi, made a $17.8 million net profit (seven cents per share)
\nin the last quarter of 1999.<\/p>\n
The company in a statement attributed the rise during the
\nfirst quarter of 2000 to higher nickel prices, which was
\npartially offset by lower deliveries, higher fuel prices, and an
\nincrease of interest expenses to finance Inco's expansion
\nproject.<\/p>\n
Inco president and chief executive officer (CEO) Rumengan Musu
\nsaid the results reflected stronger nickel prices and that Inco's
\nrecently expanded facilities were beginning to show benefits.<\/p>\n
"We remained cash positive even after making the first of our
\nthirteen scheduled repayments on our long-term debt," he said.<\/p>\n
The company's realized price for nickel-in-matte averaged
\n$6,775 per ton in the first quarter of 2000, compared to $3,401 a
\nyear earlier and $5,826 in the fourth quarter of 1999.<\/p>\n
Nickel-in-matte output between January and March reached
\n13,600 tons against 10,400 tons a year earlier and 14,200 tons in
\nthe fourth quarter of 1999.<\/p>\n
Production in the first quarter of 2000 was curtailed because
\nof a landslide in a slag disposal area and a bearing failure in
\none of the original reduction kilns, the company said. (10)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/inco-earning-up-1st-quarter-increases-1447893297",
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