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P.T. INTERNATIONAL NICKEL INDONESIA REPORTS THIRD QUARTER 1993 LOSS OF US$0.4 MILLION AND NINE MONTHS 1993 EARNINGS OF US$8.5 MILLION

 JAKARTA, Indonesia, Oct. 27 /PRNewswire/ -- P.T. International Nickel Indonesia (P.T. Inco) reported a net loss for the third quarter of 1993 of $0.4 million, or one cent a share, compared with net earnings of $10.8 mili?on, or four cents a share, in the third quarter of 1992. Net earnings for the first nine months of 1993 were $8.5 million, or three cents a share, compared with $27.2 million, or 11 cents a share, in the corresponding period of 1992. The decrease in results in the third quarter and nine months of 1993, compared with the corresponding 1992 periods, was due primarily to lower realized prices for nickel in matte, partially offset in the first nine months of 1993 by lower unit production costs.
 The company's net realized price for nickel in matte averaged $1.92 per pound in the third quarter and $2.04 per pound in the first nine months of 1993, compared with $2.58 and $2.62, respectively, in the corresponding periods of 1992. The selling price of the company's nickel in matte, an intermediate product which is sold under long-term contracts, is determined by a formula which is based on the London Metal Exchange cash price for nickel.
 The company's summarized results were as follows:
 P.T. INTERNATIONAL NICKEL INDONESIA
 Third Quarter Nine Months
 1993 1992 1993 1992
 Nickel production:
 - Million pounds 16.5 22.8 50.4 56.7
 - Thousand tonnes 7.5 10.3 22.9 25.7
 Nickel deliveries:
 - Million pounds 17.7 19.2 54.0 51.3
 - Thousand tonnes 8.0 8.7 24.5 23.3
 Average realized price
 per pound $ 1.92 $ 2.58 $ 2.04 $ 2.62
 Net sales - millions $ 34.4 $ 50.2 $ 112.0 $136.2
 Net earnings (loss) -
 millions ($ 0.4) $ 10.8 $ 8.5 $ 27.2
 Net earnings (loss)
 per share ($ 0.01) $ 0.04 $ 0.03 $ 0.11
 The company's inventories of nickel in matte were 2.1 million pounds (958 tonnes) at Sept. 30, 1993, compared to 3.3 million pounds (1,500 tonnes) at June 30, 1993.
 P.T. INTERNATIONAL NICKEL INDONESIA
 Condensed Statements Of Earnings
 (Unaudited, in thousands of US$ except per share amounts)
 Third Quarter Nine Months
 1993 1992 1993 1992
 Net Sales $ 34,383 $ 50,213 $111,981 $ 136,165
 Cost of Goods Sold 32,392 33,148 92,899 91,330
 Gross Profit 1,991 17,065 19,082 44,835
 Selling, General and
 Administration
 Expenses 749 1,078 2,496 3,061
 Operating Profit 1,242 15,987 16,586 41,774
 Interest Expense 1,725 2,238 5,407 7,243
 Other (Income)
 Expense, Net (28) (182) 211 (520)
 Total 1,697 2,056 5,618 6,723
 Earnings (Loss) Before
 Income Taxes (455) 13,931 10,968 35,051
 Deferred Income
 Taxes (102) 3,135 2,468 7,887
 Net Earnings
 (Loss) $ (353) $ 10,796 $ 8,500 $ 27,164
 Net Earnings (Loss)
 Per Share $ (0.01) $ 0.04 $ 0.03 $ 0.11
 P.T. INTERNATIONAL NICKEL INDONESIA
 Condensed Balance Sheets
 (Unaudited, in thousands of US$)
 Sept. 30 1993 1992
 ASSETS
 Cash and Cash Equivalents $ 15,719 $ 42,633
 Trade Receivables from
 Affiliates 16,962 9,884
 Inventories 49,358 57,722
 Other Current Assets 4,521 5,329
 Total Current Assets 86,560 115,568
 Property, Plant and
 Equipment, Net 541,094 570,674
 Construction in Progress 34,935 18,729
 Other Assets 30,516 23,855
 Total Assets $ 693,105 $ 728,826
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Notes Payable $ 4,030 $ --
 Trade Payables 2,361 4,491
 Long-Term Debt Due Within
 One Year 25,000 25,000
 Dividends Payable 470 25,184
 Amounts Due to Affiliates 2,858 2,664
 Other Current Liabilities 1,824 1,815
 Total Current Liabilities 36,543 59,154
 Long-Term Debt 118,750 143,750
 Accrued Pension Benefits 12,178 10,389
 Deferred Income Taxes 31,865 26,798
 Total Liabilities 199,336 240,091
 Shareholders' Equity 493,769 488,735
 Total Liabilities and
 Shareholders' Equity $ 693,105 $ 728,826
 P.T. INTERNATIONAL NICKEL INDONESIA
 Condensed Statements Of Changes In Financial Position
 (Unaudited, in thousands of US$)
 Nine Months
 1993 1992
 Operating Activities:
 Net Earnings $ 8,500 $ 27,164
 Adjustments to Reconcile Net
 Earnings to Cash Provided by
 Operating Activities:
 Depreciation, Depletion
 and Amortization 27,482 36,505
 Deferred Income Taxes 2,468 7,887
 Increase in Non-Cash Working
 Capital Related to
 Operations ( 3,173) ( 8,184)
 Other 1,647 1,261
 Cash Provided by Operating
 Activities 36,924 64,633
 Investing Activities:
 Capital Expenditures (12,700) (12,161)
 Deferred Charges and Other ( 4,390) ( 8,446)
 Cash Used for Investing
 Activities (17,090) (20,607)
 Cash Surplus
 Before Financing Activities 19,834 44,026
 Financing Activities:
 Increase in Notes Payable 4,030 --
 Dividends Paid (12,387) (37,284)
 Repayment of Long-Term Debt (18,750) (18,750)
 Cash Used for Financing
 Activities (27,107) (56,034)
 Cash and Cash Equivalents:
 Decrease ( 7,273) (12,008)
 Balance at Beginning of Period 22,992 54,641
 Balance at End of Period $ 15,719 $ 42,633
 -0- 10/27/93
 /CONTACT: Bob Purcell of P.T. International Nickel Indonesia, 416-361-7758/


CO: P.T. International Nickel Indonesia ST: IN: MNG SU: ERN

TS -- NY043 -- 7237 10/27/93 11:30 EDT
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Date:Oct 27, 1993
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