Jakarta - PT Vale Indonesia Tbk (INCO), as of the first quarter of 2022, posted a net profit of US$67.6 million, an increase of about 58% compared to the same period in the previous year of US$33.69 million.

"Despite lower production due to the ongoing rebuilding of electric furnace 4, we were able to generate higher EBITDA, higher profits, and higher cash balances compared to the previous quarter," said Vale Indonesia CEO Febriany Eddy in a statement in Jakarta on Tuesday. (5/10).

He added that the recorded revenue was around US$235.1 million, or 12% lower than US$266.7 million.

The Group's cost of revenue decreased by around 29%, from US$201 million to US$142.3 million, in line with the decline in production volume this quarter.

The average realized price for delivery of nickel in matte was US$17,432 per tonne, up 13% from US$15,372 per tonne.

In the first quarter of 2022, consumption of HSFO, diesel, and coal was lower than consumption in the previous quarter, in line with the decline in production volume due to the rebuilding of electric furnaces 4.

However, the average prices of HSFO, diesel, and coal increased by 7%, 14%, and 14%, respectively. Fuel oil and coal are some of Vale's biggest production cost items.

"The company will always be careful to control spending to maintain cash availability," he said.