Inco nets US$4.1m profit<\/p>\n
JAKARTA (JP): Publicly listed tin mining company PT Inco
\nannounced on Wednesday an unaudited net profit of US$4.1 million
\nfor the second quarter of the year, a 25.4 percent decrease from
\n$5.5 million in the second quarter of last year.<\/p>\n
\"Our results and cash generation continued to improve in this
\nquarter, compared with the previous quarter. As a result of an
\nincrease in nickel prices, Inco has begun making a profit after
\nincurring losses for two consecutive quarters,\" company president
\nand chief executive officer Rumengan Musu said in a statement.<\/p>\n
Inco made a loss of $2.1 million in the first quarter of the
\nyear.<\/p>\n
The company said the price for its nickel in matte averaged
\n$4,122 per ton ($1.87 per pound) in the second quarter of the
\nyear, up from $3,401 per ton ($1.54 per pound) in the first
\nquarter of the year.<\/p>\n
The company produced 10,770 tons (23.5 million pounds) of
\nnickel in matte in the second quarter of the year, slightly up
\nfrom 10,440 tons (23 million pounds) in the first quarter of the
\nyear, the statement said.<\/p>\n
The statement said the company was about to complete its
\nexpansion project which would raise the company's annual capacity
\nby 50 percent to 68,000 tons (150 million pounds). (jsk)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/inco-nets-us41m-profit-1447893297",
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