By Andreas Ismar
JAKARTA--Nickel miner PT Vale Indonesia (INCO.JK, PTNDY) said
Monday its first-half net profit plunged 98% as commodity prices
fell.
The Indonesian unit of Vale SA (VALE) booked a net profit of
$5.52 million for the January-June period, down from $238.15
million a year earlier. Sales fell to $425.38 million from $715.38
million.
The company's cost of goods sold, however, rose to $381.52
million from $366.67 million, resulting in a gross profit of $43.87
million. Gross profit a year earlier was $348.71 million.
Vale Indonesia said in a filing to the stock exchange that its
average selling price in the first half fell to $14,535 per metric
ton from $20,052 a year earlier. It sold 28,763 metric tons of
matte nickel compared with 35,127 tons a year earlier.
Write to Andreas Ismar at andreasismar.sandiwan@dowjones.com
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