10 MARCH 2015AlCircle.com
Antam reports losses for 2014 due to Indonesian ore export ban
Edited by : AL CIRCLE
1 min read
The Indonesian mineral-ore export ban has affected the state-run diversified miner Aneka Tambang (Antam) reporting a total net loss of Rp 775.29 billion (US$ 59.28 million) for the year 2014 which is a sharp contrast from the previous year where the company enjoyed a net profit of Rp 409.95 billion.
Antam suffered a serious fall in net sales in 2014, where numbers dropped from Rp 11.3 trillion in 2013 to Rp 9.42 trillion last year. The ban on export coupled with weak commodity prices has severely hit the company’s sales.
Tato Miraza, the Antam president director says that to combat the dismal situation the company has resorted to efficiency savings and diversification into the downstream sector.
Tato further added that his company had high hopes for the government’s planned state capital injection (PMN) — from which it is expected to pocket Rp 3.5 trillion — to help the company work on its downstream projects.
Antam suffered a serious fall in net sales in 2014, where numbers dropped from Rp 11.3 trillion in 2013 to Rp 9.42 trillion last year. The ban on export coupled with weak commodity prices has severely hit the company’s sales.
Tato Miraza, the Antam president director says that to combat the dismal situation the company has resorted to efficiency savings and diversification into the downstream sector.
Tato further added that his company had high hopes for the government’s planned state capital injection (PMN) — from which it is expected to pocket Rp 3.5 trillion — to help the company work on its downstream projects.
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