JAKARTA. Pemeringkat Efek Indonesia (Pefindo) upgraded its outlook for PT Aneka Tambang Tbk (ANTM) or Antam, due to the company's financial performance in the first semester (1H) of 2020.
"ANTM has reduced gold exports and focus more on the domestic retail market, which has better margins," said Niken Indriarsih and Aishantya, Pefindo analysts in their press release today.
This was confirmed by Kunto Hendrapawoko, Corporate Secretary of ANTM. He said that the company's profitability had indeed shown positive growth in 1H 2020. This was shown by the company's operating profit, which grew by 111% Year on Year (YoY) to Rp 495.16 billion.
However, Pefindo said that the rating for ANTM and its Shelf Registration Bond I / 2011 are still affected by its high financial leverage and fluctuation in commodity prices and demand, particularly nickel.
"However, recently nickel prices have improved, along with the recovery of economic activity in China as the largest nickel market," said Indriarsih and Aishantya. (KR/AR)