Jakarta (ANTARA News) - PT Antam (Persero) announced earnings that are attributable to the owners of the parent entity in the first quarter of 2011 jumped 71% compared to first quarter 2010 to Rp346, 6 billion.
Earnings per share (Earning Per Share, EPS) stood at Rp36, 39 in the first quarter of fiscal year 2011 compared to same period in 2010 amounted to Rp21, 20.
The increase was principally due to higher sales volumes and selling prices ferronickel. In the first quarter of 2011, Antam has presented the company's financial statements under Statement of Financial Accounting Standards (SFAS) which became effective as of January 1, 2011 who were referred to the International Financial Reporting Standards (IFRS).
Following the increase in demand for nickel which encourage increased sales volume, unaudited revenue in 1Q11 Antam jumped 20% over the same period in 2010 to Rp1, 99 trillion.
In 1Q11, ferronickel sales volume rose 33% to 2209 TNi in line with increasing demand in the first quarter of 2011 compared to same period in 2010. However, ferronickel sales volume should be higher considering the persistence of ferronickel shipments in transit.
Antam's ferronickel shipments to consumers in Europe delayed due on March 16, 2011, the cargo ship MV Holy Light of PT Samudera Indonesia Tbk, which transport ferronickel was hijacked in the waters around Somalia.
Although there is piracy ferronickel causing delayed delivery to customers in Europe, ferronickel company has been protected with full insurance against possible loss and damage to cargo.
With the rising price of ferronickel by 31% to U.S. $ 12.32 per pound, revenue from ferronickel rose 70% to Rp538 billion. In 1Q11, ferronickel production volume in the first quarter of 4836 recorded TNi or up 10% compared to 1Q10 to support sales to meet market demand.
Ferronickel production volume has reached 27% of 2011 production target of 18,000 TNi.With an increase in demand, sales volume of nickel ore rose 25% to 1,626,806 wmt by volume of nickel ore production rose 29% to 2,008,148 wmt.
Increased production of nickel ore to meet increasing demand remains high and make revenue from nickel ore in 1Q11 increased by 23% compared to 1Q10 to Rp654 billion.
With no more trading activity to reduce the risk of fluctuations in gold prices that are difficult to predict, gold sales volume reached 1730 kg, down 16% compared to the first quarter of 2010.
Meanwhile, the volume of gold production reached only 15% of the target in 2011 or at 588 kg.
Achievement of gold production fell 14% compared to first quarter 2010 due to decreasing ore grades comparedby the year 2010 in Pongkor and has not done in vein mining planned in Cibaliung. Despite a decline in sales volume, increased prices by 26% to U.S. $ 1,411.24 per toz made of gold revenue edged up 1% to Rp698 billion.
Although Antam no longer produces bauxite, Antam is still making sales from stockinventories at the Deer. The volume of sales recorded 130,218 wmt with export value reaching bauxite AntamRp14 billion.
With a sharp increase in sales, gross profit increased by 32% Antam 1Q10 compared to Rp626 billion with gross margin value of 31% compared to 29% in the first quarter of 2010. Antam's recorded cost of sales rose 16% to Rp1, 4 trillion, primarily driven cost increases fuel consumption by 26% to Rp284 billion and the cost of material usage by 47% to Rp148 billion.
Increase in both components of these costs in line with increased production of ferronickel.
Antam's operating profit jumped 36% to Rp470 with the value of the operating margin by 24%, greatercompared to operating margin in 1Q10 by 21%. Profit before tax rose sharply Antam72% to Rp466 billion, with the heading Other for Rp106 billion, mostlyconstitutes acceptance of the final invoice from ferronickel exports in 2010. Income tax expense Antamrecorded Rp120 billion, up 70% compared to 1Q10 following the increase in corporate profits.With the value of cash and cash equivalents amounted to Rp 4 trillion and Rp919 billion investment loan amount, Antamstill has a net cash position
Editor: BambangCOPYRIGHT © 2011
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