PT Vale reports a profitable third quarter of 2019

About Vale

10/24/2019

PT Vale reports a profitable third quarter of 2019

Jakarta, October 24, 2019 – PT Vale Indonesia Tbk (“PT Vale” or the “Company”, IDX Ticker: INCO) today announced its unaudited results for the third quarter of 2019 (“3Q19”). The Company recorded sales of 19,998 metric tons of nickel in matte, and revenues of US$214.2 million in the quarter.

We booked profit of US$26.3 million in 3Q19, despite a slightly higher cost of revenue compared to the previous quarter.

Nico Kanter, CEO and President Director

“We continued to deliver more sales volume in 3Q19,” said Nico Kanter, CEO and President Director of the Company. “At the same time, we also benefited from an increasing nickel price during the period. We booked profit of US$26.3 million in 3Q19, despite a slightly higher cost of revenue compared to the previous quarter.” PT Vale’s realized price in 3Q19 was 10% higher than 2Q19; indicating an improved price environment.

Compared to 2Q19, production volume increased by 12%, while cost of revenue increased by only 3%. Fuel costs, which represent one of the largest cost items for the Company, increased by 9% from 2Q19.

PT Vale’s EBITDA in 3Q19 was US$70.3 million, compared with US$28.9 million in 2Q19, primarily due to a higher sales volume and higher realized price. The Company’s cash and cash equivalents increased to US$201.7 million as of September 30, 2019 from US$111.9 million on June 30, 2019. PT Vale will continue to exercise prudent cash management.

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3Q19 Results and Financial Highlight

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3Q19 Quarterly Result3Q19 Production Report3Q19 Financial Statement


PT Vale reports a profitable third quarter of 2019