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)