Inco's profits slump

JAKARTA (JP): PT International Nickel Indonesia (Inco) reported yesterday an unaudited $21.4 million net profit for the first quarter of this year, as compared to the $25.8 million gained in the same period of last year.

"The decrease in net earnings was due to lower nickel price realization and an increase in unit production costs," a company statement said.

The realized prices for the company's nickel matte averaged $2.8 per pound in the first quarter of this year, as compared to $3.1 in the first quarter of last year.

The first quarter's production was 25.1 million pounds, slightly more than the 23.5 million pounds in the first quarter of 1995.

First quarter output was far below the 27.8 million pounds produced in the fourth quarter of 1995.

The company's total sales reached $71 million in the first quarter of 1996, down from $79 million in the same period of last year. (08)