Antam sees net profit sink 80% YOY in H1 2020
2020-08-06 10:48:06 [Print]
PT Aneka Tambang (Antam) has seen its net profit sink 80 percent year-on-year (YOY) to Rp 84.8 billion (US$5.82 million) in the first half of the year, dragged down by poor nickel and ferronickel sales but anchored by gold sales, according to its half-year financial report.
The drop in Antam's first-half revenue was led by poor sales of nickel ore, which plunged 94 percent YOY to Rp 89.3 billion following the government's landmark ban on nickel ore exports in January.
Antam said in a statement that it hoped to recoup its nickel ore sales margin in the domestic market, referring to the government's plans to expand Indonesia's downstream nickel industry and to regulate the domestic selling price of nickel ore.
Meanwhile, first-half sale revenue of ferronickel fell 12.5 percent YOY to Rp 2 trillion.
The drop in Antam's first-half revenue was led by poor sales of nickel ore, which plunged 94 percent YOY to Rp 89.3 billion following the government's landmark ban on nickel ore exports in January.
Antam said in a statement that it hoped to recoup its nickel ore sales margin in the domestic market, referring to the government's plans to expand Indonesia's downstream nickel industry and to regulate the domestic selling price of nickel ore.
Meanwhile, first-half sale revenue of ferronickel fell 12.5 percent YOY to Rp 2 trillion.
Nickel Ore Philippine 1.5%min CIF China
Unit:USD/mt
China nickel sulfate producers' inventory statistics by province by month
Unit: mt
