Surviving the monetary crisis
Surviving the monetary crisis
PT Aneka Tambang Tbk
Publicly listed mining company PT Aneka Tambang Tbk has
recorded a Rp 251.81 billion net profit for this year's first
semester -- a 949 percent increase over the Rp 24 billion
recorded for the same period last year.
PT Aneka Tambang Tbk is able to enjoy increased profits
because of its efforts to maximize operational efficiency, the
depreciation of the rupiah against the U.S. dollar and increasing
revenue from interest bearing accounts.
Although the company has been able to take advantage of some
circumstances arising from the economic crisis, it has also faced
hurdles from the country's ongoing problems, especially relating
to letters of credit with foreign creditors, which has forced a
delay of certain goods needed for its operations.
PT Aneka Tambang Tbk has been recognized as being in the
lowest exploration cost category in the world. The company
primarily mines nickel and gold, as well as bauxite, iron, sand
and silver.
Company sales are 96 percent dollar-driven, while 70 percent
of operation costs are denominated in rupiah. This is a major
factor in enabling its earning power to substantially increase.
About 85 percent of the company's products are exported to
Japan, China, Australia, Taiwan, the United Kingdom, Spain,
Belgium, Germany and Singapore.
The key to success in maintaining and expanding market sales
is the company's commitment to producing high quality products to
ISO 9002 standards, its commitment to deliver products requested
by customers and its consistency in giving the best competitive
prices.
PT Aneka Tambang Tbk president director Ir. D. Aditya
Sumanagara said the company's formula for success stemmed from
its 30-year track record in acquiring mining technology, its vast
experience in resource exploration and a well-trained team of
professionals.
PT Aneka Tambang Tbk maintains a competitive edge by producing
quality products at low prices and by realizing that quality
service matters.
Aditya said the company also strives to create a conducive
climate both in the mining sector and the export sector,
eliminate a high-cost economy, change the government's passive
attitudes to an assertive dynamic approach and push for new
government regulations on taxes, retribution, licenses and value
added taxes in the mining sector.
PT Aneka Tambang Tbk continues to face the future by seeking
opportunities in exploration and by exporting mining products.