Metal miner Antam sees net profit sink 80 percent in first half

first_imgPublicly listed state-owned metal miner PT Aneka Tambang (Antam) has seen its net profit sink 80 percent year-on-year (yoy) to Rp 84.8 billion (US$5.82 million) in the first half of the year, dragged down by poor nickel and ferronickel sales but anchored by gold sales, according to its half-year financial report. Antam’s revenue fell 36 percent to Rp 9.2 trillion, while its costs fell by nearly the same percentage at 35.6 percent to Rp 7.9 trillion over the same period.“Antam’s reported financial performance has been in decline throughout the PSBB, especially its net profit. […] Antam has been more reliant on its gold bar volumes,” analyst Nafan Aji of Binaartha Parama Sekuritas told The Jakarta Post on Tuesday.  He was referring to the large-scale social restrictions policy that was introduced in four months ago in response to the COVID-19 health crisis.Read also: Gold price surge blessing in disguise for IndonesiaTechnically a partial lockdown, several regions across the country implemented the PSBB in early April in an effort to curb the spread of the coronavirus. The restrictions included self-quarantine, work from home and study at home policies, as well as enforced the temporary closure of offices, retail outlets and factories. In early June, despite record numbers of COVID-19 cases per day, the government started easing the PSBB to gradually reopen the economy to cushion the economic impacts of the epidemic. On Tuesday, official data showed 1,922 new cases of the disease, bringing the cumulative total to 115,056 cases with more than 5,300 COVID-19 deaths. The country surpassed 100,000 cases on July 27 amid the government’s transition to the “new normal” phase of its disease management policy in reopening the economy.The drop in Antam’s first-half revenue was led by poor sales of nickel ore, which plunged 94 percent yoy to Rp 89.3 billion following the government’s landmark ban on nickel ore exports in January. Nickel ore had fallen in the first half from being the miner’s third best-selling product in 2019 to become its fifth best-selling product because of the ban.Antam said in a statement that it hoped to recoup its nickel ore sales margin in the domestic market, referring to the government’s plans to expand Indonesia’s downstream nickel industry and to regulate the domestic selling price of nickel ore.Read also: Gold prices hit $2,000 an ounce for first time“[The regulation] will create a competitive pricing structure for domestic minerals amid a positive outlook on domestic absorption, especially for nickel ore commodities,” said Antam corporate secretary Kunto Hendrapawoko.In contrast, gold played a bigger role in Antam’s half-year sales revenue, its contribution increasing from 68 percent in 2019 to 69.4 percent this year.Antam also reported that its half-year gold sales volume fell 50 percent yoy to 7,915 kilograms, but that gold sales revenue fell softer by 33 percent yoy to Rp 6.4 trillion, propped up by higher prices as consumers hoarded the precious metal as a safe haven asset amid a volatile market.Gold prices hit $2,000 an ounce on Tuesday for the first time since the coronavirus outbreak weakened the economy and clouded the global financial outlook, reported AFP. Gold bullion prices had increased more than 30 percent this year.“In 2020, Antam has been focusing on developing domestic customers in line with the public’s growing awareness of gold investment,” added Kunto.Kunto previously told the Post on July 3 that the miner had allocated Rp 80 billion in capital expenditure this year to expand its dwindling bauxite, nickel and gold reserves, with a particular focus on the precious metal as the bestseller.Meanwhile, first-half sale revenue of ferronickel fell 12.5 percent yoy to Rp 2 trillion, but the metal remains Antam’s second best-selling product, contributing 21.9 percent of total sales revenue.Antam is continuing development on two metal smelters as part of its long-term plan. The smelters will enable the company to produce and export higher-value refined metals in line with the government’s vision to transform Indonesia into an industrial economy.Read also: Metal miner Antam allocates $5.5m for exploration amid dwindling gold reservesOne of the smelters under development is a ferronickel smelter in East Halmahera, North Maluku, which was 98 percent complete as of June. The $289 million smelter will enable Antam to absorb more of its nickel ore and export higher-value ferronickel.The other is an aluminum smelter in Mempawah, West Kalimantan. The $841 million smelter is being developed in cooperation with state-owned PT Indonesia Asahan Aluminium (Inalum), which specializes in aluminum smelting. Antam did not release the smelter’s completion rate.Antam shares, traded on the Indonesia Stock Exchange (IDX) using the code ANTM, soared 2.84 percent on Wednesday at 10:10 a.m. Jakarta time, even as the Jakarta Composite Index (JCI), the main gauge of the IDX, slipped 0.2 percent.Antam shares have lost 14.29 percent of their value this year, compared to the JCI’s losses of 19.62 percent.Topics :last_img read more

The Latest: NFLPA advises halt to private workouts together

first_imgThe federation’s executive committee will discuss the new measures and the specifics of the new calendar on Monday.The French government called off the country’s 2019-20 soccer season on April 28 as part of efforts to contain the coronavirus pandemic.___More AP sports: and Dr. Thom Mayer told members of the NFLPA in a message Saturday that the risk of being stricken by the new coronavirus is too great to be staging those workouts. Mayer said staff was working on the best mitigation procedures at team facilities for both training camps and the upcoming season and advised “against any voluntary joint practices before training camp commences.”In recent days, members of the Buccaneers, Cowboys, 49ers and Texans organizations tested positive for COVID-19. The NFL has allowed team facilities to reopen on a limited basis, with no players except those rehabilitating injuries allowed on the premises. Training camps are scheduled to open in late July, with the first preseason contest the Hall of Fame game on Aug. 6 between Dallas and Pittsburgh. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___The medical director of the NFL players’ union has recommended that all players stop private workouts together. Toronto is deferring to the NHL’s policy on handling test results, with the league providing updates on testing totals and positive tests without disclosing the identities of affected clubs or players. Judd Moldaver, Matthews’s agent, did not respond to requests for comment.According to the Sun, the 22-year-old Matthews has self-quarantined in his Arizona home and hopes to be ready to play if the NHL season resumes. The NHL hopes to open training camps next month, and finish off the 2019-20 season later this summer.Matthews had 47 goals and 33 assists in 70 games before the suspension of the season on March 12.Toronto goaltender Frederik Andersen stayed with Matthews in Arizona for the first stages of the COVID-19 pandemic, but according to the Toronto Sun he tested negative for the novel coronavirus and is no longer in Arizona. Team headquarters is remaining open under the first phase of the NFL’s reopening plan.Earlier this week, the NHL’s Tampa Bay Lightning closed their facility after three players and two staff members tested positive.___The Toronto Maple Leafs will not comment on reports that star player Auston Matthews has tested positive for the coronavirus.The Toronto Sun and The Toronto Star report that the center tested positive. The Leafs say a player’s medical information is private. June 20, 2020 The league has said it plans to play its season as scheduled, with the first game set for Sept. 10 at Kansas City.___Rio de Janeiro Mayor Marcelo Crivella has suspended all professional soccer matches in the city only three days after play restarted amid the coronavirus pandemic. Crivella issued a decree on Saturday arguing that time is needed to adapt safety protocols for all teams. The suspension is valid for five days. On Thursday night, Flamengo beat Bangu 3-0 at Maracanã Stadium in the first professional soccer match in South America in nearly three months. The game marked the return of Brazil’s state leagues, but at a field hospital near a stadium gate doctors said two COVID-19 patients had died. Since Atlanta United began individual player workouts on May 6, the club has followed MLS health and safety guidelines, including physical distancing and sanitizing during individual workouts, small group training sessions and full group training sessions. The club works in consultation with the CDC, local health authorities and MLS regarding testing and training guidelines.___Three members of the NFL’s Tampa Bay Buccaneers have tested positive for the- novel coronavirus at the team’s training facility, and the Bucs have closed affected areas of the building.The team said those areas will remain closed until extensive sanitizing is completed. All individuals who may have been exposed have been notified, the Bucs said in a statement, “and are following the established protocols, which include a 14-day quarantine period.” The team did not identify three people who tested positive. The Latest: NFLPA advises halt to private workouts together Arizona has seen a recent spike in COVID-19 cases. On Friday, the Arizona Department of Health Services reported 3,246 new positive cases of COVID-19, exceeding Thursday’s single-day high of 2,519 cases.The league said Friday that it has tested more than 200 players at club facilities during voluntary training since June 8, with 11 testing positive.___French soccer authorities are allowing fans back into stadiums from July 10, with an initial limit of 5,000.Noël Le Graët, president of the French Football Federation, says it is possible more spectators will be allowed into the French Cup final at the end of July and for the resumption of top-tier Ligue 1 play at the end of August. Associated Press ___Atlanta United confirmed a second positive result for a player following mandatory club testing on Friday. No additional positive results for players or staff were received Friday. The club announced its first positive result for a player on Thursday. The second player was asymptomatic and has been in isolation since Wednesday, adhering with MLS health and safety protocols that require at least two positive tests to ensure the first result was not a false positive. The team conducted non-contact, individual training sessions on Friday and Saturday and will continue non-contact training on Monday. Mandatory COVID-19 testing will take place again Monday. If negative test results for all players and staff are received, the team will resume full team training on Tuesday. So far, Rio state has counted more than 8,500 fatalities from the disease. Brazil officially topped 1 million cases of COVID-19 on Friday.___Kansas State has paused all voluntary workouts for football players for two weeks following the most recent COVID-19 test results.As of Friday, 14 athletes had tested positive for active COVID-19 following testing of more than 130 athletes. The school said those who have tested positive are being medically managed according to current guidelines. That includes self-isolation for 10 days and until the patient is without fever for 72 hours without medication, whichever takes longer. Athletics director Gene Taylor said the university felt that temporarily pausing all football workouts and access to facilities was the best decision for everyone. last_img read more