ID :
41520
Mon, 01/19/2009 - 16:24
Auther :
Shortlink :
https://www.oananews.org//node/41520
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PT INALUM'S 2008 PROFIT TARGET AFFECTED BY CRISIS
Medan, N Sumatra, Jan 19 (ANTARA) - The impact of the ongoing global financial crisis has driven down aluminum prices in the world market and affected PT Inalum's 2008 profit-making target of US$160 million, a spokesman said.
PT Inalum's general affairs and human resources director, Nasril Kamaruddin, said here Monday the price of aluminum ingot in the world market at present was about US$1,500 per ton, which was a drop of about 50 percent if compared with US$3,000 per ton before the financial crisis.
The steep fall in the aluminum ingot price in the world market had reduced PT Inalum's profit target of US$160 million 2008 to US$100 (still unaudited), he said.
He said that despite that fact that PT Inalum, which employed some 2,100 workers, was affected by the global financial crisis, it would not lay off its workers.
"God Willing, there will be no layoffs," Kamaruddin said here on Sunday.
In connection with the transfer plan in 2013 of all share ownership of PT Inalum, which is a joint venture with Japan, to the Indonesian government, Kamaruddin said it would be up to the government to choose the available options.
"It depends on the government whether or not it will still cooperate with a foreign party," he said.
Based on the master agreement between the Indonesian government and its Japanese counterpart, the cooperation between the two countries will expire in 2013.
At present, some 58.88 percent of Inalum's shares are owned by the Japanese government while the remaining 41.12 percent by the Indonesian government.
It is expected that the shares of PT Inalum, an aluminum ingot producer, are all owned by Indonesia in 2013. By that year, Indonesia will be required to pay Japan in compensation for all of its 58.88 percent stake.
The compensation can be paid based on the book value or the market value of the assets in that year. "Indonesia can choose which of the two is cheaper," Kamaruddin said. ***2***
PT Inalum's general affairs and human resources director, Nasril Kamaruddin, said here Monday the price of aluminum ingot in the world market at present was about US$1,500 per ton, which was a drop of about 50 percent if compared with US$3,000 per ton before the financial crisis.
The steep fall in the aluminum ingot price in the world market had reduced PT Inalum's profit target of US$160 million 2008 to US$100 (still unaudited), he said.
He said that despite that fact that PT Inalum, which employed some 2,100 workers, was affected by the global financial crisis, it would not lay off its workers.
"God Willing, there will be no layoffs," Kamaruddin said here on Sunday.
In connection with the transfer plan in 2013 of all share ownership of PT Inalum, which is a joint venture with Japan, to the Indonesian government, Kamaruddin said it would be up to the government to choose the available options.
"It depends on the government whether or not it will still cooperate with a foreign party," he said.
Based on the master agreement between the Indonesian government and its Japanese counterpart, the cooperation between the two countries will expire in 2013.
At present, some 58.88 percent of Inalum's shares are owned by the Japanese government while the remaining 41.12 percent by the Indonesian government.
It is expected that the shares of PT Inalum, an aluminum ingot producer, are all owned by Indonesia in 2013. By that year, Indonesia will be required to pay Japan in compensation for all of its 58.88 percent stake.
The compensation can be paid based on the book value or the market value of the assets in that year. "Indonesia can choose which of the two is cheaper," Kamaruddin said. ***2***
