Inco pays total dividends of 20 cents

JAKARTA: Mining company PT International Nickel Indonesia (PT Inco Indonesia) paid total dividends of 20 U.S. cents in 2003 amid robust output and a solid financial performance.

The 20 U.S. cents total dividend (not 50 U.S. cents as previously reported) consisted of a 5 cents interim dividend and a 15 cents final dividend.

The company posted record output of nickel matte in 2003 with 155 million pounds. It expects to increase production to 160 million pounds this year on the back of strong global demand for the metal from China and other Asian countries.

The Indonesian arm of Canada-based Inco posted a net profit of $104.19 million in 2003 up from $30.28 million in 2002 due to an increase in sales, which rose to $509.03 million in 2003 from $321.05 million a year earlier. -- JP