Inco Q2 profit rises to US$11.2m

JAKARTA: Mining company PT International Nickel Indonesia (Inco) announced on Thursday a net profit of US$11.24 million (4 cents per share) for the second quarter of the year, a 51 percent increase from $7.4 million (3 cents per share) in the same period of last year.

Net profit for the first half of the year stood at $12.8 million (5 cents per share), compared to $16.3 million in the same period of last year.

The company said in a statement that the increase in quarterly profits was due to a rise in the price of nickel, coupled with the company's success in cutting fuel costs.

The realized average price for nickel in matte in the second quarter of the year reached $5.244 per ton, compared to $5.139 per ton in the corresponding period of last year. -- JP