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)