Inco reports profit rise

JAKARTA (JP): PT International Nickel Indonesia (Inco) yesterday announced an 80.9 percent increase in a net profits to US$16.11 million in the first semester from $8.85 million in the same period of last year -- in spite of a slight decline in nickel prices.

A spokesman for the Canadian-Indonesian joint venture said here yesterday that the nickel price decline to $2.02 per pound in the first semester from $2.11 in the same period of last year was compensated by an increase in the company's sales and the reduction in production costs.

Inco's production of nickel in matte increased to 48.5 million pounds (22,000 tons) in the January-June period from 33.9 million pounds in the corresponding period of last year, while its sales increased to 47 million pounds worth $95.99 million from 36.2 million pounds valued at $77.59 million.(yns)