ANTAM's Unaudited Income For The Year Attributable To Owners Of The Parent For The First Three Months Of 2012 Increased 9% Over The Same Period Of 2011 To Rp379 Billion
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Jakarta, May 1, 2012 – PT ANTAM (Persero) Tbk (ASX - ATM; IDX – ANTM; ANTAM) announces its unaudited income for the year attributable to owners of the parent of Rp379 billion and Earnings per Share (EPS) of Rp39.82 for the first three months of 2012. The increase was attributed from higher ferronickel, nickel ore and gold sales.
ANTAM's President Director Alwinsyah Lubis said:
“Our first quarter results remained solid in the midst of weaker nickel prices. The strong demand for nickel and gold continued to support our performance. The modernization of FeNi II smelter which began in the beginning of the first quarter of 2012, was successfully completed at the beginning of April 2012. We aim to improve the efficiency of the smelter following this program. We believe our operational and financial results will remain strong in 2012.”
Overall, net sales increased 24% to Rp2.5 trillion compared to Rp2 trillion in the first quarter of 2012 inline with higher sales of ferronickel, nickel ore and gold. Gold was the largest contributor to ANTAM's total net sales with Rp911 billion contribution or 37% of total net sales. Ferronickel was the second largest contributor to ANTAM's sales with 31% contribution or equal to Rp774 billion.
Sales of ferronickel increased 99% to 4,402 ton nickel contained in ferronickel. Inline with higher sales volume, ferronickel revenue increased by 44% to Rp774 billion despite a 29% lower price to US$8.72 per lb. Ferronickel production was 25% lower over first quarter of 2011 to 3,631 TNi as ANTAM conducted an optimisation program for FeNi II smelter, which began at the end of January. ANTAM expects maximum capacity of the smelter in May 2012.
Inline with continued strong demand, sales volume of nickel ore rose by 9% to 1,769,649 wmt. Despite a stronger sales, nickel ore revenue only slightly increased by 1% to Rp663 billion inline with lower sales prices. ANTAM's nickel ore production reached 2,118,473 wmt, a 5% higher over the same period of 2011.
Meanwhile, ANTAM's gold sales for the first three month of 2012 increased by 3% to 1,783 kg due to continued strong demand. Gold production was 3% lower at 570 kg. Higher sales volume coupled with a 24% increased gold price to US$1,745.72 per toz. generated Rp911 billion, a 31% higher over first quarter of 2011.
ANTAM's cost of sales increased by 40% ro Rp1.9 trillion due to higher work in process at the end of the period, which increased 2,152% to Rp150 billion. As the increase of the cost of sales exceeded sales, ANTAM's gross profit was lowered by 11% to Rp557 billion. Higher operating expenses of 31% to Rp204 billion made ANTAM's operating profit lowered by 25% to Rp353 billion.
In the first quarter of 2012 ANTAM posted Other Income-Net of Rp135 billion inline with Rp123 billion dividend income from its joint venture, PT Nusa Halmahera Minerals and a Rp71 billion interest income.
ANTAM's financial condition remains solid and strong. ANTAM's cash and cash equivalents amounted to Rp5.9 trillion with interest bearing debt in the form of bonds issued at Rp3 trillion.
ANTAM's net cash provided by operating activities was Rp455 billion, an increase of 41% over 2011. The increase was largely due to higher cash receipts from customers and cash receipts from interest income. ANTAM's cash and cash equivalents at the end of the period amounted to Rp5.9 trillion.