JAKARTA – The increasing nickel selling price drove growth in PT Vale Indonesia Tbk (INCO)’s revenue by 18% throughout Q1 2021. Nico Kanter, the President Director of Vale Indonesia, disclosed this achievement in a press conference, quoted Tuesday (27/4).
“The company was put at an advantage with the increasing nickel price. Furthermore, we managed to keep the operating cost in check during the surge in fuel and coal price,” Kanter claimed.
In Q1 2021, INCO reported sales reaching USD 206.6 million, climbing up from USD 174.6 million in the same period last fiscal year. The profit was recorded at USD 33.7 million, also increasing from USD 29 million in Q1 2020.
The nickel production in matte was up to 15,198 tonnes, lower than 17.614 tonnes in Q1 2020. Meanwhile, nickel sales in matte only touched 14.187 tonnes, also declining from last year’s 16.713 tonnes. Furthermore, the consumption and the average price of hgh sulphur fuel oil (HSFO) was at USD 48.51 per barrel, diesel price USD 0.41 per litre, and coals USD 114.70 per tonne. (LK/ZH)