Rupiah's steady fall lifts Aneka Tambang

Rupiah's steady fall lifts Aneka Tambang

JAKARTA (JP): Publicly listed state mining company PT Aneka
Tambang said its net profit increased 113 percent to Rp 69.52
billion (US$9.2 million) from Rp 32.62 billion last year.

Company president Dedy Aditya Sumanegara said Monday the
windfall was caused by an increased sales volume and the dollar's
appreciation against the rupiah.

He said the company recorded increases in sales volume for
several products last year, including nickel ore (17 percent),
gold (11 percent), bauxite (6 percent), and iron sand (20
percent).

The company exported 70 percent of its products and most of
its products sold domestically were also denominated in the
dollars, Dedy said.

"An increase of 10 percent in the dollar's value against the
rupiah will give us a 15 percent increase in earnings," company
finance director Ki Agus Umar Tochfa said.

Company operating costs in dollars decreased by 30 percent
last year, he said.

The company paid Rp 30.93 billion in debt interest last year,
39 percent down on the previous year's interest payment, Dedy
said.

The company mines nickel, gold, silver, bauxite and iron sand
throughout the country.

Dedy said world metal prices had weakened throughout last
year.

Ferronickel had dropped 10.12 percent to $3.02 per pound last
year, while gold was down by 14.6 percent to $333.8 per ounce, he
said.

Dedy projected company gold output to increase to 4,044
kilograms this year, compared with last year's output of 2,004
kilograms.

Silver output is expected to increase to 22,702 kilograms this
year from 15,340 kg last year, while bauxite output is expected
to reach 800,000 metric tons, compared with last year's output of
808,749 metric tons.

Iron sand output is projected at 575,000 metric tons this
year, up from 487,378 metric tons last year.

Nickel output is predicted to decrease to 8,350 metric tons a
year from 9,999 metric tons as the company plans to overhaul its
power plant in Pomalaa, South Sulawesi. (jsk)