1H19 Positive Performance
In 1H19, ANTM recorded the total revenues of IDR14.4 trillion (+22.1% YoY) due to the significant revenues of IDR9.6 trillion (+17.2% YoY), contributed by the gold segment; revenues of IDR1.7 trillion (+105% YoY), contributed by the nickel ore segment; although ferronickel contributions only recorded IDR2.3 trillion (-8.8% YoY). However, its operating costs swelled to IDR1.6 trillion (+190% YoY) so that ANTM’s net profits were recorded at IDR366 billion (+6% YoY): still a positive result. Indeed, ANTM still has consistent NPM in 1H19 at 2.5% (vs 2.9% in 1H18).

Gold’s Solid Contribution
The gold segment was the 1H19 solid contributor to ANTM’s total revenues. Its contribution was seen in sales volume of 15,741 kg (+14.4% YoY) with production volume reaching 979 kg (-5.9% YoY) but ASP succeeded in increasing (+2.3% YoY). We estimate for 2019F, ANTM is still able to record revenues of IDR20.6-IDR21.2 trillion contributed by the gold segment in light of the positive momentum of gold prices, on the basis of assumptions until the end of the year prices of gold in the spot market will be in the range of USD1,490-USD1,520.


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