State-Owned Antam Swings to a Loss in the First Half

Posted on September 2, 2014 by Nanthakumar Victor Emmanuel, P.Eng Leave a comment

Jakarta. State-owned miner Aneka Tambang, also known as Antam, swung to loss in the first half of this year from a year earlier due to the impact of the government’s mineral ore export ban.

Antam posted a loss of Rp 639 billion ($55 million) in the January-June period this year compared with a profit of Rp 374 billion in the same period a year earlier, according to its financial report to the Indonesia Stock Exchange (IDX).

“Although the second quarter of the 2014 period saw higher commodity price levels, our financial performance remained lackluster in the first half as a consequence of the government’s policy to ban ore exports, coupled with lower average selling prices in the first quarter of 2014, which affected the overall commodity prices in the first half,” Antam president director Tato Miraza said in the statement.