Positive Performance Albeit Annual Declines
ANTM posted the 9M19 revenues of IDR24.5 trillion (+23% YoY) as the gold and the ferronickel segments recorded increases in sales volume of 26,712 kg (+119.3% YoY) and 19,703 TNi (+102.9% YoY), respectively. However, COGS of IDR20.8 trillion (+22.4% YoY) and financial costs of IDR318 billion (+10.1% YoY) cut net profit to IDR561.2 billion (-11.1% YoY). Its performance is still positive as it posted the 9M19 revenues of 67.3% from our target in 2019F.


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