Agencies

Agencies Jakarta

Publicly-listed state mining company PT Aneka Tambang predicts its revenue will be flat this year because the rupiah's appreciation will offset the results of a slight increase in production expected this year.

Aneka Tambang's president director Dedi Aditya Sumanegara said Thursday that this year's revenue will be around last year's value of Rp 1.7 trillion (US$206 million).

Dedi didn't give a forecast for the company's net profit this year. Last year, its profit reached Rp 202 billion, against a Rp 358.2 billion profit the previous year.

The company exports most of its products, mainly nickel and gold.

The rupiah has gained around 8 percent against the dollar so far this year, which will hurt Aneka Tambang's revenue in terms of the rupiah.

The rupiah's rise will neutralize the impact of between a 5 percent and 10 percent increase in Aneka Tambang's total output this year.

Dedi said the company will produce 100,000 tons of nickel, one million tons of bauxite and 4.2 tons of gold this year.

He added the company will also manage to prevent its revenue from falling if nickel prices don't fall below $3.4 and $3.5 per pound.

Meanwhile, the company's shareholders agreed on Thursday to distribute 33 percent of its 2002 profit in dividends.

The firm will pay a dividend of Rp 65.6 billion, or Rp 34.42 a share, compared to a Rp 46.77 per share dividend in 2001.

The company will use part of the remaining two-thirds of the profit to fund the expansion of its ferronickel plant in Pomalaa, Southeast Sulawesi, according to the statement distributed after the shareholders meeting.

The expansion plan will double its output to 26,000 tons per year.

The shareholders also approved the appointment of Kurniadi as finance director, replacing Ki Agus Umar Tochfa. Arwinsyah Lubis was appointed as director of operations, Syahrir Ika becomes director of general affairs and Darma Amya was appointed director of development.