P.T. Inco earnings decline by 60% in 1990

P.T. Inco, like its parent, Inco< (TSE), was hurt by lower nickel prices as 1990 earnings fell by more than 60% from the year before. P.T. Inco, Inco's Indonesian subsidiary, reported net earnings of US$68.4 million (28*CS per share) compared with US$181.6 million (73 cents per share) in 1989. Net earnings in the fourth quarter were US$7.1 million (3 cents per share) compared with US$36.2 million (14 cents per share) in the fourth quarter of 1989.

P.T. Inco attributes the decline in the fourth quarter to curtailed production resulting from an explosion in one of the electric smelting furnace last August. The damaged furnace was repaired by year-end and production has since been restored. P.T. Inco* 3 months ended Dec. 31 1990 1989 Revenue $30,418 $70,900 Net earnings 7,050 36,230 `per share 0.03 0.14 12 months ended Dec. 31 Revenue $190,743 $304,616 Net earnings 68,386 181,556 `per share 0.28 0.73