JAKARTA. The financial statements of PT Vale Indonesia Tbk (INCO) published last week on the BEIPT website showed that in 2018 the company recorded a profit of US$ 60.51 million. In 2017, the nickel producer had recorded a loss of US$ 15.27 million.
The achievement of the profit was due to the increase in income which was far higher than the increase in cost of revenue which reached US$ 776.90 million in 2018. This income rose 23.45% compared to the previous year at US$ 629.33 million.
Meanwhile, INCO's cost of revenue rose only 8.05% to US$ 672.90 million from the previous year at US$ 622.78 million. As a result, INCO's gross profit margin jumped to 13.39% from the previous year at only 1.04%.
The increase in INCO's cost of revenue mainly came from the increase in fuel oil and lubricants which reached 22.71% to US$ 156.35 million last year.
INCO also recorded other revenues from profits from changes in provisions for terminating assets worth US$ 5.54 million. In the previous year, INCO's other income was only US$ 353,000.
At the end of 2018, INCO had total assets of US$ 2.2 billion with equity of US$ 1.88 billion. INCO's total liabilities at the end of last year were only US$ 318.72 million without long-term loans. In the previous year, INCO's long-term bank loans amounted to US$ 36.29 million. (AM/MS)