Publicly-listed state mining firm PT Antam Tbk saw its net profit jumping to Rp11 billion in the first half of 2016 after suffering a loss of Rp386 billion in the same period last year.
"In the face of the challenge of volatile commodity prices throughout the first semester of 2016, Antam managed to optimize its operational performance and innovations to keep the companys sound cash flow. In addition, cost retrenchment programs were also high on the list of our priorities," Antam President Director Tedy Badrujaman said here on Wednesday.
With the current commodity price hike, Antam is optimistic that it will be able to give good profitability and yield rates to its shareholders in 2016, he said.
In the first semester of 2016, Antam recorded a net sale of Rp4.16 trillion, with gold contributing the largest share of Rp2.84 trillion or 68 percent of the total.
This was followed by feronickel at Rp950 billion or 23 percent of the total sale.
The company sold 5,392 kilograms of gold in the first six months of 2016, while feronickel sale stood at 8,092 tons.
In line with the growth of national smelters and domestic demand for nickel ore, Antam only sold nickel ore to meet demand for smelters raw materials.
Source: Antara News