JAKARTA - PT Vale Indonesia Tbk (INCO) posted a profit of US$ 168.51 million, growing 12% from the same period last year of US$ 150.45 million. Increased profit was driven by revenue growth and financial income.

Based on the first semester 2023 Financial Report quoted on Friday (28/7), this issuer collected US$ 658.96 million in revenue, up from the same period in 2022 of US$ 564.53 million. Gross profit rose to US$ 220.47 million from US$ 208.22 million, and operating profit grew to US$ 198.59 million from US$ 195.51 million.

Financial income skyrocketed 710.10% to US$ 16.27 million from US$ 2 million.

Revenue contribution from nickel sales to Vale Canada Limited (VCL) was US$ 527.59 billion, up from US$ 461.24 billion and sales to Sumitomo Metal Mining, Co.Ltd (SMM) US$ 131.36 billion, up from US $103.29 billion.

INCO's holding company VCL and SMM are located and INCO's shareholders are located in Canada and Japan. (LK/LM)