Inco profits fall in first quarter

Inco profits fall in first quarter

JAKARTA: Publicly listed nickel company PT International Nickel Indonesia (Inco) said on Thursday its unaudited profit plunged to US$1.6 million in the first quarter of this year, down from $8.9 million in the same period last year.

Inco announced the fall in profit reflected a relatively low nickel price in the world market.

The company's realized price for nickel in matte stood at $4,409 per ton between January and March this year, compared to $5,449 per ton in the first quarter of last year, Inco said.

However, the first quarter price was higher than the price in the last quarter of 2001, which stood at $3,928 per ton, Inco said. --JP