Inco reports profit rise

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)