Antam's Audited Net Profit Amounts To Rp1,368 Billion In Full Year 2008
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Jakarta, March 24th 2009 – PT Antam (ASX - ATM; IDX - ANTM) is pleased to announce its audited financial statements for the year ending December 31, 2008, with net income of Rp1,368 billion, or Rp143.48 per share, a decrease of 73% over the Rp5,119 billion of 2007, or Rp536.67 per share. The audited net income is 4% or Rp55 billion more than the previously reported unaudited net income which was released in February 27, 2009. Following an audit performed by the company’s external auditor KAP Purwantono, Sarwoko & Sandjaja (Ernst & Young), Antam has made adjustments to the full year 2008 financial statements as announced, together with accompany notes and a press release, on February 27, 2009 (the deadline as per ASX listing rules).
Antam’s full year 2008 net profit was adjusted due to, among others, higher final invoice on ferronickel sales of Rp54 billion. Higher net profit was also due to Rp33.9 billion adjustment from the adjustment in actuarial rate from 10% to 12%. Profits from Antam’s subsidiaries, PT Antam Resourcindo and Asia Pacific Nickel Pty. Ltd. of Rp2 billion and Rp700 million respectively also increased Antam’s profits.
Antam made adjustments to exploration expenses to Rp353.8 billion from Rp130.4 billion inline with the consolidation of exploration expenses of PT Gag Nikel. Following share transfer of BHP Asia Pacific Nickel Pty. Ltd. from BHP Billiton to Antam, Antam currently owns 100% of PT Gag Nikel. The share transfer occurred following BHP Billiton’s decision to withdraw from the Gag nickel project in November 2008. Prior to the share transfer to Antam, BHP Billiton owns 75% of PT Gag Nikel through BHP Asia Pacific Nickel Pty. Ltd. Following the share transfer, BHP Asia Pacific Nickel Pty. Ltd. has changed its name to Asia Pacific Nickel Pty. Ltd. (APN).
Antam adjusted the account of loss on hedging contract transaction and foreign exchange under the Finance income (charges) – net in the audited financial statements. The loss on hedging contract transactions between the audited and the unaudited financial statements were unchanged. Following the share transfer of PT Gag Nikel, Antam’s Other Income – Net rose to Rp475.5 billion from Rp204.9 billion.
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