JAKARTA, July 30 (Reuters) - PT International Nickel Indonesia, Indonesia's biggest nickel producer, reported on Friday first half 2010 net profit rose sixfold due to higher sales.
The company reported first half net profit of $218.78 million, up from $34.58 million a year earlier.
Inco was expected to post a full year 2010 net profit of $350 million, according to a consensus of analysts by Thomson Reuters I/B/E/S.
Inco said that first-half net revenue jumped to $619.189 million, from $276.36 million a year ago.
A nickel deficit is likely this year because of a surge in stainless steel demand, supply constraints and falling stocks, but the shortfall is likely to narrow in 2011 as production rises, a Reuters survey showed.
Benchmark three month nickel futures on the London Metal Exchange are now around $20,500 a tonne from levels below $10,000 in February 2009.
Shares in Inco rose 2.7 percent in the first half of the year, underperforming the benchmark Jakarta index's 15 percent rally in the same period.
($1=8975 Rupiah)
(Reporting by Janeman Latul, Editing by Neil Chatterjee) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: INCO/RESULT (janeman.latul@thomsonreuters.com, Reuters messaging: janeman.latul.reuters.com@reuters.net; +6221 384 6364) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The company reported first half net profit of $218.78 million, up from $34.58 million a year earlier.
Inco was expected to post a full year 2010 net profit of $350 million, according to a consensus of analysts by Thomson Reuters I/B/E/S.
Inco said that first-half net revenue jumped to $619.189 million, from $276.36 million a year ago.
A nickel deficit is likely this year because of a surge in stainless steel demand, supply constraints and falling stocks, but the shortfall is likely to narrow in 2011 as production rises, a Reuters survey showed.
Benchmark three month nickel futures on the London Metal Exchange are now around $20,500 a tonne from levels below $10,000 in February 2009.
Shares in Inco rose 2.7 percent in the first half of the year, underperforming the benchmark Jakarta index's 15 percent rally in the same period.
($1=8975 Rupiah)
(Reporting by Janeman Latul, Editing by Neil Chatterjee) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) Keywords: INCO/RESULT (janeman.latul@thomsonreuters.com, Reuters messaging: janeman.latul.reuters.com@reuters.net; +6221 384 6364) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
