Antam's profit jumps to $40m

JAKARTA (JP): Publicly-listed state general mining firm PT Aneka Tambang (Antam) announced on Friday that its unaudited net profit reached Rp 301.2 billion (US$40.2 million) in the third quarter of the year, a massive increase from Rp 30.6 billion in the corresponding period of last year.

Sales also jumped to Rp 836.32 billion over the same period, up from Rp 246.23 billion in the third quarter of last year.

The company's corporate secretary, Dohar Siregar, said the sharp increase in net profits was mainly caused by depreciation in the value of the rupiah against the U.S. dollar.

The rupiah averaged Rp 10,465 per U.S. dollar in the third- quarter of this year, compared to Rp 2,585 in the same period of last year.

Aneka Tambang produces nickel, ferronickel, gold, bauxite and iron ore. It exports most of its products. (jsk)