Due to Concentrate Export Delays, Amman Mineral's Revenue Dropped 78 Percent

JAKARTA - Management of PT Amman Mineral Internasional Tbk. announced that the company's net income would fall by 78 percent in the first semester of 2023. This decrease was the result of delays in concentrate exports.

Amman's Managing Director, Alexander Ramlie, in his statement said, with this decrease, Amman earned revenue of 122 million US dollars compared to the same period in the previous year.

"Then Amman's copper sales in the first semester reached 76 million pounds with an average selling price of 4.48 US dollars per pound and gold sales amounted to 119 kilo ounces with an average selling price of 2.004 US dollars per ounce," said Alexander as quoted Monday. October 2.

He added that the average selling price for copper increased from 4.23 US dollars per pound to 4.48 US dollars per pound, while for gold it increased from 1,852 US dollars per ounce to 2,004 US dollars per ounce.

Meanwhile EBITDA was recorded at 336 million US dollars in the first semester of 2023, down 61 percent from 871 million US dollars in the first six months of 2022.

"This was mainly caused by a decrease in revenue due to delays in granting export permits and an increase in processing costs for lower grade ore stockpiles," he said.

Meanwhile, EBITDA margin fell to 58 percent from 63 percent in the same period last year.

According to him, these results are in accordance with previous estimates which were also communicated during the IPO process.