[Nasional-e] PT International Nickel Indonesia more than triples 2002 profit to $30.3M

[Holy Uncle]

http://www.canada.com/national/story.asp?id={B42E434B-40C8-4470-8B9B-9A6545EB64A7}

PT International Nickel Indonesia more than triples 2002 profit to $30.3M

Thursday, February 06, 2003
JAKARTA (CP) - PT International Nickel Indonesia more than tripled its 
profits last year as the company benefited from higher nickel prices, rising 
revenue and falling debt.

The subsidiary of Canadian nickel giant Inco Ltd. reported Thursday it 
earned $30.3 million US or 12 cents a share, from $9.3 million or four cents 
a share for 2001. For the fourth quarter, earnings were $5.7 million US or 
two cents a share, reversing a loss of $8 million or three cents a share in 
the corresponding 2001 period.

Sales in the fourth quarter rose to $72.6 million from $55.9 million. Yearly 
sales rose to $321 million from $296.4 million.

"We are pleased with our financial results and with the fact that we 
exceeded our 2002 production target of 130 million pounds of nickel," said 
Edward Hodkin, PT Inco's chief executive.

"Our ore drilling and blending programs have put us back on track in 
supplying better nickel grades from the mine to our processing plant. We 
continue to work hard to reduce costs that are within our control.

"The outstanding balance on our long-term debt is now $269 million - about 
half the amount due when we began our repayment program in 2000. This debt 
will be fully repaid in March 2006."

PT Inco - 59 per cent owned by Inco - said the price it got for nickel was 
$2.45 US a pound, up from $1.78 a pound in the final 2001 quarter.

Earlier this week Toronto-based Inco reported it lost $1 million US in the 
fourth quarter, narrowing a loss of $5 million for the same period last 
year. For the full year, Inco reported a loss of $1.48 billion US, down from 
a profit of $305 million in 2001.

Inco (TSX:N) is the world's second-biggest nickel producer and one of 
Canada's oldest and best-known metals companies. Besides its Indonesian 
business, Inco has big operations in Sudbury, Ont., and Thompson, Man., and 
is working on major new mines at Voisey's Bay in Labrador and Goro in the 
South Pacific French territory of New Caledonia.

© Copyright  2003 The Canadian Press




_________________________________________________________________
STOP MORE SPAM with the new MSN 8 and get 2 months FREE*  
http://join.msn.com/?page=features/junkmail