NEWS ROUNDUP (February 17, 1992)

P.T. Inco, Inco’s (TSE) Indonesian division, produced a record amount of nickel in matte during 1991 75.9 million lb. compared with 59.6 million lb. in 1990.

But despite the production increase, P.T. Inco’s annual earnings dropped to US$57 million (23 cents per share) from US$68.4 million (28 cents per share) in 1990 as a result of lower realized nickel prices and a higher provision for deferred taxes.

Net income for the fourth quarter was US$14.1 million (6 cents per share) or double the earnings realized during the same period in 1990. The company says higher nickel deliveries combined with lower production costs account for the improved quarterly results.