JAKARTA (TheInsiderStories) – Indonesian state miner, PT Aneka Tambang Tbk (IDX: ANTM), reported its nickel ore output rose more than fourfold in the first three months (1Q) of 2021 from 629,000 to 2.64 million wet metric tones (WMT), its announced on Monday (05/04). The company also announced the nickel ore sales volume stood at 1.6 million WMT in the same quarter.
Then, the bauxite sales surged to 384,785 WMT in 1Q of 2021 from a year ago around 55,277 WMT and the output jumped from 330,984 WMT to 557,354 WMT in the same period. However, the ferro-nickel sales fell by 12 percent from 6,379 tones of nickel (TNi) to 5,624 TNi until March. The production also dropped by 0.2 percent to 6,300 TNi from a year ago.
With the sales improvement, Antam earned Rp9.21 trillion in sales in the 1Q of 2021, grew 77.03 percent from the previous year of Rp5.20 trillion. While, the cost of goods sold increased 63.44 percent to Rp7.58 trillion from the 1Q of 2020 of Rp4.64 trillion. Gross profit also grew 189.33 percent to Rp1.62 trillion from one year ago was Rp561.81 billion.
The operating expenses also rose by 96.01 percent from Rp424.27 billion to Rp831.63 billion and the operating profit rose 477.20 percent to Rp793.88 billion from Rp137.54 billion. As resulted, the miner posted a net profit of Rp630.37 billion after experienced loss of Rp281.83 billion in 1Q of 2020.
In this year, Antam targeting the sales volume of nickel ore rose 104 percent in this year, from 3.3 million WMT to 6.71 million WMT. The mining firm also plans to raise the production to 8.44 million WMT or increases by 77 percent compared to last year around 4.76 million WMT.
While, the parent, PT Indonesia Asahan Aluminum (MIND ID) is reportedly exploring a syndicated loan of $750 million from number of creditors. The syndicated loan is targeted to consist of a $500 million loan along with greenshoe of $250 million. Each loan will have a tenor of three and five years.
Last year, the mining holding company has issued global bonds worth of $2.5 billion used for the acquisition of 20 percent of nickel miner, PT Vale Indonesia Tbk (IDX: INCO) in June 2020. The company also want to buyback of a portion of the total bonds worth $4 billion issued in 2018 with a coupon rate of 5.71 percent and will mature in 2023.
The other purposes for strategic acquisitions and assisting the settlement of financing in the group. MIND ID is the parent of Antam, INCO, PT Bukit Asam Tbk (IDX: PTBA), PT Timah Tbk (IDX: TINS), and PT Freeport Indonesia.
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