Inco reports quadrupling of profit during 1994<\/p>\n
JAKARTA (JP): PT International Nickel Indonesia (Inco), a
\nCanadian-Japanese-Indonesian joint mining venture, reported
\nSaturday the quadrupling of its after-tax profit in 1994 due to
\nthe recovery of nickel prices on the world market.<\/p>\n
Inco's after-tax profit surged to US$42 million or 17 U.S.
\ncents per share last year from $10.9 million or four cents per
\nshare in 1993, a company executive, Martin H. Robinson, announced
\non Saturday.<\/p>\n
He said that during the fourth quarter of last year alone,
\nwhen nickel prices were high, Inco's profit reached $17.29
\nmillion (seven cents per share), as compared to $2.41 million
\n(one cent per share) in the same period of 1993.<\/p>\n
He explained that during the fourth quarter of last year,
\nInco's nickel in matte was marketed at $2.43 per pound, far
\nhigher than $1.70 per pound in the last quarter of 1993.<\/p>\n
A recent press report said that nickel prices reached an
\naverage of $4.2 per pound at the London Metal Exchange last
\nmonth.<\/p>\n
Nickel prices topped at $6.27 per pound in 1988 and fell to
\ntheir lowest level of $1.83 in September 1993 due to a worldwide
\neconomic recession.<\/p>\n
From autumn 1993, nickel prices soared 160 percent to a peak
\nof $10,500 per ton on the London Metal Exchange at the end of
\nJanuary, but fell back to $9,820 last week in line with profit-
\ntaking and the correction.<\/p>\n
Robinson said Saturday that Inco's production increased
\nsharply to a new record of 99.9 million pounds last year from
\n75.7 million pounds in 1993.<\/p>\n
The company, which is owned by Inco Ltd. of Canada, Sumitomo
\nMetal Mining Co. Ltd. of Japan, five other Japanese companies and
\nthe investing public, said that its sales also rose to 98.5
\nmillion pounds valued at $217.3 million last year from 78.9
\nmillion pounds worth $154.8 million in 1993.<\/p>\n
Robinson also said that Inco's stock of nickel in matte was
\naround 3.9 million pounds as of Dec. 31, 1994, as compared to 2.5
\nmillion pounds as of the end of 1993.<\/p>\n
Inco produces nickel matte from its nickel mining operations
\nat Soroako in southern Sulawesi. (fhp)<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/inco-reports-quadrupling-of-profit-during-1994-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}