JAKARTA (Yosefardi) – Nickel producer PT Vale Indonesia Tbk (INCO) booked net profit of US$17.96 million in first quarter (Q1) of this year, dropped 43% from US$31.5 million in the same period of last year.
Revenue declined 17.4% to US$213.11 million from previous Rp258.4 million. Cost of revenue also fell 12% to US$176.86 million from earlier US$200.06 million. Operating profit dropped 41% to US$27.34 million compared to US$46.07 million in first quarter of 2013.
INCO produced 19,604 metric tons of nickel in matte in first quarter of this year, grew by 5.9% compared to 18,514 metric tons in the same period of last year. It produced 18,577 metric tons in fourth quarter of 2013. Average realized price reached US$10,972 per metric ton.
Its assets totaled US$2.26 billion while liability amounted US$526.72 million. The company has cash and cash equivalent of US$199.04 million.