INCO posts strong H1 net profit

JAKARTA: Giant nickel producer PT International Nickel Indonesia (INCO) announced on Friday that its first semester net profit soared threefold to US$36.8 million from $12.8 million in the same period last year.

The publicly-listed company said that nickel production soared in the first half to 33,400 tons from 31,400 tons previously.

As for second quarter net profit, the company said that it managed to book a 95 percent rise to $21.8 million from $11.2 million in the earlier period. It added that output increased to 18,900 tons from 15,700 tons.

INCO's nickel mining operation in Soroako, South Sulawesi, is believed to be the largest in the world. -- JP