Antam's profit up 360 percent

Antam's profit up 360 percent

JAKARTA (JP): PT Aneka Tambang (Antam), a general mining
company listed on the Jakarta Stock Exchange, reported a 360
percent increase in its consolidated net profit after tax to Rp
319.6 billion (about US$37.6 million) in 1998 as compared to Rp
69.5 billion in 1997.

The company attributed the sharp increase in earnings to the
sharp depreciation of the rupiah against the U.S. dollar during
the year.

Over 98 percent of the company's sales were based in U.S.
dollars while its U.S. dollar-based cash costs comprised less
than 30 percent of the total, the company said in a statement.

According to the company's 1998 audited results, its realized
average price for ferro nickel sales dropped to $2.08 per pound
in 1998 from $3.02 in 1997.

The realized average price for high grade nickel ore sales
also dropped to $15.35 per wet metric tons from $23.45, gold fell
from $293.79 per ounce from $333.80, while silver rose to $6.23
per ounce from $4.83.

The company said total sales jumped to Rp 1.02 trillion in
1998 from Rp 449.55 billion in 1997 due to the sharp drop in the
rupiah's value against the American greenback. (hen)