Indonesia`s Inco 2006 net profit at US$513 mln, up 91.7 pct

Jakarta (Antara News) - PT International Nickel Indonesia's (Inco's) net profit rose 91.7 pct to 513.4 mln usd last year from 267.8 mln usd in 2005, the company said.

Inco, a subsidiary of Canada's CVRD Inco Ltd, said its sales had risen 51.1 pct to 1.34 bln usd last year from 885.1 mln usd.

The company said its earnings had been boosted by a sharp increase in sales in the fourth quarter.

Its sales jumped 154.8 pct to 589.6 mln usd in the fourth quarter from 231.4 mln usd a year before, boosting its net profit for the quarter to 265.5 mln usd from 56.7 mln usd.

Inco said the increase in the value of sales had been driven by a rise of 148.5 pct in the average price of nickel in matte in the quarter to 24.73 usd per ton from 9.95 usd per ton a year before.

Over last year as a whole, the average price of nickel in matte was 18.36 usd per ton, compared to 11.46 usd per ton in 2005.

The company's output of nickel in matte output reached 46,237 tons in the fourth quarter, compared to 20,743 tons a year before.

Its output over last year as a whole reached 71,700 tons, compared to 76,400 tons in 2005.

Inco's president, Arif Siregar, was quoted by XFN Asia as saying his company was aiming for output of 70,455-75,000 tons of nickel in matte this year. (*)
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