UPDATE 1-Indonesia's Antam revenue jumps on nickel output
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JAKARTA, Feb 1 (Reuters) - Indonesian state-run mining firm, PT Aneka Tambang Tbk (Antam) (ANTM.JK), said on Friday its fourth quarter revenue climbed 63 percent, beating forecasts for the full year amid higher nickel production.
Antam's shares jumped nearly 5 percent on the news to trade at 3,750 rupiah in early trade, outperforming the broader index .JKSE, which rose around 1 percent.
The company produced 6,274 tonnes of nickel contained in ferronickel for the three months ended December 2007, up from 4,551 tonnes in the same period of 2006, an investor relations' official said via a telephone text message.
The firm generated revenue of 3.6 trillion rupiah ($389.4 million) in the fourth quarter, the company said.
Fourth quarter sales and production took full year revenue to 11.9 trillion rupiah, a 112 percent increase from 2006 and better than a forecast by Reuters Estimates of 10.2 trillion rupiah. Nickel production rose 28 percent in 2007 to 18,532 tonnes.
The company has not yet released profit figures.
Nickel trading on the London Metal Exchange MNI3 was quoted at $27,400 a tonne on Thursday, retreating from record highs above $50,000 a tonne earlier last year.
The metal hit a record high above $50,000 a tonne in May 2007 as speculators piling into the metal on expectations of stronger demand from stainless steel makers.
($1 = 9,244 rupiah) (Reporting by Mita Valina Liem, writing by Harry Suhartono, editing by Sugita Katyal)
