Antam profits down

Antam profits down

JAKARTA (JP): State gold and nickel mining company PT Aneka
Tambang (Antam) reported on Monday a sharp decline in its first
half net income, due to the appreciation of the rupiah against
the U.S. dollar, lower commodity prices and declining sales
volumes.

The company's net profit in the first half of the year fell to
Rp 55.5 billion (about $6.9 million) compared to Rp 238.4 billion
in the same period the previous year. Net sales decreased to Rp
354 billion from Rp 522.7 billion.

The company, which mines nickel, gold and bauxite, said that
its income -- most of which is in dollars -- declined in the
first half of this year partly due to the rupiah's appreciation.

The average rupiah exchange rate against the greenback for the
first half this year was Rp 7,946, compared to Rp 9,666 a year
ago.

The average price for high-grade nickel ore decreased by 41
percent year-on-year and for low-grade nickel ore the price fell
by 21 percent, the company said. (udi)