Inco reports loss of US$2.1m

JAKARTA (JP): Publicly listed nickel producer PT International Nickel Indonesia (Inco) announced on Thursday a net loss of US$2.1 million for the first quarter to March.

Company president and chief executive officer Rumengan Musu said in a statement the loss was caused by the worldwide decrease in nickel prices.

Inco, which operates a huge nickel mine in Soroako, Southeast Sulawesi, reported a net profit of $5.2 million in the same period last year.

Musu said prices for the company's nickel in matte averaged $3,401 per ton or $1.54 per pound in the first quarter of the year -- the lowest price since 1986 -- compared with $4,608 per ton or $2.09 per pound in the same period last year.

Inco's nickel production for the first quarter of 1999 was 10,400 tons, compared with 9,100 tons in the corresponding period last year. (jsk)