Third quarter earnings at P.T. Inco, Inco’s (TSE) Indonesian arm, dropped by 65% this year, mainly due to lower deliveries of nickel in matte compared with the third quarter of 1989. Quarterly net income was US$19.6 million (8 cents per share) compared with US$56.1 million (23 cents per share) for the same period last year. Third-quarter nickel deliveries dropped to 14.1 million lb. from 21.8 million lb. last year, although production declined only modestly, to 13.3 million lb. Quarterly differences in delivery levels arise from changes in shipment scheduling, the company says.
Repairs to one of P.T. Inco’s furnaces, damaged by an explosion in August, are expected to be completed by the end of the year.
For the first nine months of the year, P.T Inco’s earnings dropped to US$61.3 million (23 cents per share) from US$145.3 million (59 cents per share) in the first nine months of 1989. Inco attributed the earnings drop to lower realized nickel prices of US$3.10 per lb. compared with US$5.21 last year. P.T. International Nickel Indonesia 3 months ended Sept. 30 1990 1989 Revenue $49,906 $96,953 Net earnings 19,612 56,079
per share 0.08 0.23 9 months ended Sept. 30 Revenue $160,325 $233,716 Net earnings 61,336 145,326
per share 0.25 0.59
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