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