Vale Indonesia reported higher revenue in the first half of the year, driven by increased production and controlled cost. The group's first-half revenue increased 16.72% to $658.9 million, mainly due to a higher shipment volume of 6,208 tonnes.
In the second quarter, revenue stood at $295.8m, down from $363.2m in Q1. Profit in H1 also climbed by 12.03% to $168.5m, while profit fell to $70.4m from $98.1m in Q1.
Second-quarter production surged to 16,922t, a 35% increase compared to a year ago, aligning with the group's annual production target of 70,000t for 2023.The firm disbursed approximately $60.8 million in capital expenditure in the second quarter, an increase of 36% compared to the previous year.
Vale Indonesia CEO and president director Febriany Eddy emphasized the company's continued efforts to enhance efficiency and cost reduction efforts. The company is committed to seeking cost reduction avenues and managing cash flow in anticipation of an unfavorable nickel price environment.