ID :
47175
Mon, 02/23/2009 - 20:06
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https://www.oananews.org//node/47175
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PT INCO REPORTS FOURTH QUARTER 2008 EARNINGS
Jakarta, Feb. 23 (ANTARA) - PT International Nickel Indonesia Tbk (PT Inco) here on Monday announced the unaudited version of its earnings in the fourth quarter of 2008.
PT Inco's financial performance in the last quarter of 2008 was impacted by lower nickel prices and high energy costs, PT INCO said in a press statement.
The company recorded a net loss of US$9.8 million, or US$(0.001) per share, for the fourth quarter of 2008 compared to net earnings of US$200.5 million, or US$0.020 per share, for the fourth quarter of 2007.
The company got sales revenues of US$180.0 million in the quarter ended December 31, 2008 compared to US$458.5 million in the same quarter of 2007.
Production of nickel in matte for the fourth quarter was 17,300 metric tons compared to 18,600 metric tons in the corresponding period in 2007.
The sharp decrease in nickel prices in 2008 translated into a corresponding decline in the Company's results for the full year of 2008, compared to 2007 results.
Sales revenue decreased 43.6 per cent to US$1,312.1 million in 2008 from US$2,325.9 million in 2007. Net earnings in 2008 decreased 69.4 per cent to US$359.3 million, or US$0.036 per share, from US$1,173.0 million, or US$0.118 per share, in 2007.
"The 2008 results were driven by lower margins on nickel in matte sold as a result of lower average selling prices and lower nickel in matte deliveries," said Arif Siregar, the Company's President Director.
PT Inco continues to work on its three major capital projects: Karebbe hydropower generation facilities; coal conversion; and electrostatic precipitators (ESP) in the Reduction Kilns.***
PT Inco's financial performance in the last quarter of 2008 was impacted by lower nickel prices and high energy costs, PT INCO said in a press statement.
The company recorded a net loss of US$9.8 million, or US$(0.001) per share, for the fourth quarter of 2008 compared to net earnings of US$200.5 million, or US$0.020 per share, for the fourth quarter of 2007.
The company got sales revenues of US$180.0 million in the quarter ended December 31, 2008 compared to US$458.5 million in the same quarter of 2007.
Production of nickel in matte for the fourth quarter was 17,300 metric tons compared to 18,600 metric tons in the corresponding period in 2007.
The sharp decrease in nickel prices in 2008 translated into a corresponding decline in the Company's results for the full year of 2008, compared to 2007 results.
Sales revenue decreased 43.6 per cent to US$1,312.1 million in 2008 from US$2,325.9 million in 2007. Net earnings in 2008 decreased 69.4 per cent to US$359.3 million, or US$0.036 per share, from US$1,173.0 million, or US$0.118 per share, in 2007.
"The 2008 results were driven by lower margins on nickel in matte sold as a result of lower average selling prices and lower nickel in matte deliveries," said Arif Siregar, the Company's President Director.
PT Inco continues to work on its three major capital projects: Karebbe hydropower generation facilities; coal conversion; and electrostatic precipitators (ESP) in the Reduction Kilns.***
