Jakarta, August 30, 2013 - PT ANTAM (Persero) Tbk (ASX - ATM; IDX – ANTM; ANTAM) announces its unaudited income for the year attributable to owners of the parent of Rp373.6 billion and Earnings per Share (EPS) of Rp39.18 for the first six months of 2013.
ANTAM's President Director, Tato Miraza, said,
"ANTAM remains profitable despite the current volatility of commodity prices. We realise that during current commodity price condition, we have placed efficiency as our main priority. We were able to save Rp26.2 billion as of end of June 2013, from our internal target of Rp59.2 billion. Coupled with strengthening our efficiency programs, we will also remain prudent in terms of our capital spending for our development projects as to retain our solid balance sheet."
During the first semester of 2013, ANTAM's sales reached Rp6.1 trillion, a 37% increase over the same period of 2012 due to higher sales volumes of nickel ore and gold. Gold was the largest contributor to ANTAM's total net sales with Rp2.8 trillion contribution or 46% of total net sales. ANTAM's gold sales revenue in the first semester of 2013 rose 51% over the same period of 2012 to 5,493 kg. ANTAM's gold was sold in domestic market altogether, reflecting the sustained strong domestic demand of the commodity.
Through various efficiency efforts, as at the end of June 2013, ANTAM was able to save Rp26.2 billion or 44% of 2013 target of Rp59.2 billion. ANTAM will strengthen its efficiency programs amidst bearish commodity price condition. ANTAM implements efficiency and cost reduction programs across the company's line of business. The largest savings came from the improvement initiatives at ANTAM's business units, notably from production process improvement and modification of production equipments at Pomalaa ferronickel smelters.
ANTAM's financial condition remained solid. ANTAM's cash and cash equivalents amounted to Rp3.2 trillion as of June 30, 2013. with interest bearing debt to equity ratio of 42.6%.
Inline with the current bearish sentiment of commodity price, ANTAM remains prudent in terms of its capital spending for its development projects. Nevertheless, ANTAM remains focused and is consistent to move downstream which will strengthen its business fundamentals. As at the end of June 2013, the total EPC progress of the Tayan CGA project reached 95%. As for the East Halmahera Ferronickel project, the project's EPC progress was 5% complete with the EPC progress of the Expansion of Pomalaa Ferronickel Plant project reached 27%.
