PT Inco's profits up 300%

PT Inco's profits up 300%

JAKARTA: Nickel mining company PT International Nickel
Indonesia (PT Inco) booked US$30.3 million in net profits last
year, three times the previous year's figure of $9.3 million.

Net profit in the fourth quarter of 2002 was $5.7 million,
compared with a loss of $8 million in the corresponding period of
2001, company president and chief executive officer Edward W.
Hodkin said in a statement on Thursday.

He said the company's nickel output stood at 131.2 million
pounds last year, exceeding the target of 130 million pounds
(nearly 60 million kilograms) of nickel.

He also said he realized the price for nickel in matte rose to
an average of $5,114 per ton or $2.32 per pound last year,
compared with $4,836 per ton or $2.19 per pound in the previous
year.

"The outstanding balance on our long-term debt is now $269
million -- about half the amount due when we began our repayment
program in 2000. This debt will be fully repaid by March 2006,"
he said. -- JP