Inco's earnings triple<\/p>\n
JAKARTA (JP): The unaudited net earnings of PT International
\nNickel Indonesia (PT Inco) tripled to US$25.8 million, or 10
\ncents per share, in the first quarter of this year, up from $8.7
\nmillion, or three cents per share, for the same period of last
\nyear.<\/p>\n
The company reported Thursday that the increase in the net
\nearnings was a result of higher nickel price realizations, which
\naveraged $3.11 per pound in the January-March period.<\/p>\n
The company's average realized prices in the first and fourth
\nquarter of 1994 were $2.02 per pound and $2.43 per pound.<\/p>\n
The company, which sells nickel in matte under long-term
\ncontracts, determines the selling price of its product by a
\nformula based on the London Metal Exchange cash price for nickel.<\/p>\n
Due to the mining of lower ore grades, however, the production
\nof nickel in matte dropped from 25.4 million pounds (11,500 tons)
\nin the first quarter of 1994 to 24.4 million pounds in the fourth
\nquarter of 1994, and down further to 23.5 million pounds in the
\nfirst quarter of 1995.<\/p>\n
It announced two weeks ago its plans to increase its
\nproduction capacity by 50 percent to 150 million pounds this
\nyear.(32)<\/p>",
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