Down 82 Percent, Vale Indonesia Prints 37.28 Million US Dollars Profit

Illustration (Photo: Doc Antara)

JAKARTA - PT Vale Indonesia Tbk (INCO) recorded a decrease in profit of 82 percent compared to the same period the previous year.

In the first semester of 2024, INCO recorded a profit for the current period of 37.28 million US dollars compared to the same period the previous year of 207.8 million US dollars.

This decrease in profit was due to the drop in INCO's revenue in the first semester of 2024 which was recorded at 478.7 million US dollars from 658.96 million the previous year.

In a statement received by VOI, it was stated that INCO managed to score a profit of 31.1 million in the second quarter of 2024 compared to the previous quarter which was recorded at 6.19 million US dollars.

INCO also recorded a positive EBITDA of US$72.4 million in the second quarter of 2024, an increase of 38 percent compared to the previous quarter.

"The second quarter of 2024 has taken into account unrealized losses of 6.1 million US dollars over the recognition of the fair value of derivative assets, namely the right to participate in the company's investments at PT Kolaka Nickel Indonesia," said Vale Indonesia (INCO) President Director and CEO, Febriany Eddy, quoted on Tuesday, July 30.

In terms of production, production volume in the second quarter decreased by 9 percent compared to the previous quarter.

In the second quarter, INCO produced 16,576 metric tons (MT) of nickelcurrency. INCO also reached sales of 17,505 MT nickelcurrency.

"Despite uncertain market conditions, we remain committed to optimizing production capacity, increasing efficiency, and reducing costs," Febriany concluded.