Inco reports earnings

JAKARTA (JP): PT International Nickel Indonesia (Inco), a nickel mining firm listed on the Jakarta Stock Exchange, reported yesterday a net earning of US$8.6 million for the third quarter, as compared to a net loss of $0.4 million in the same period of last year.

An Inco spokesperson said this indicates the company's cumulative net earnings this year have increased by 190.58 percent to $24.7 million over the same period last year.

The increase in net earning in the third quarter of this year was attributed to improved nickel prices and lower production costs.

Inco, which is controlled by a group of Japanese firms and the Canada-based Inco Limited, engages in nickel mining in Sulawesi with a concession of 218,000 hectares. (hdj)