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State-owned miner PT Aneka Tambang saw its unaudited net income plummet by 59 percent last year as nickel prices tumbled during the global slowdown.

However, higher gold prices and sales volumes partially offset the fall, which was in line with expectations.

On Thursday, Antam posted an unaudited net income of Rp 559 billion ($59.8 million) for 2009, compared with Rp 1.37 trillion in 2008.

Revenue fell 9.5 percent to Rp 8.68 trillion.

“Antam’s 2009 performance reflects the impact of the global crisis, which affected the commodities market,” the company said in a statement.

“Toward the end of 2008, nickel prices, Antam’s main commodity, decreased significantly in line with fears of a global economic slowdown,” it said.

“The downward pressure continued until the first half of 2009. Major nickel producers began to reduce or even shut down operations as nickel demand disappeared following production cuts from major stainless-steel producers.”

Antam said gold sales accounted for about 50 percent of revenue in 2009, followed by ferronickel at 24 percent, and nickel ore at 19 percent. About 64 percent of revenue came from exports.

Revenue from gold rose 58 percent to Rp 4.32 trillion, supported by higher trading volumes and prices.

Antam sold 12,893 kilo­grams of gold in 2009, 31 percent more than in 2008. Its average gold price of $970.97 an ounce was 11 percent higher than during the previous year.

Ferronickel revenue fell by 40 percent to Rp 2.12 trillion, largely because of lower prices and volumes. Antam sold 14,191 tons of ferronickel in 2009, a 17 percent decline from 2008.

The average ferronickel price received was $6.63 a pound, a fall of 33 percent.

Meanwhile, revenue from nickel ore dropped 43 percent to Rp 1.69 trillion last year.

Antam said bauxite sales decreased by 51 percent to Rp 79 billion because of depletion of reserves and lower demand.

Antam received a Rp 227 billion dividend from its gold joint venture with Newcrest Singapore and PT Nusa Halmahera Minerals.

The company said it posted foreign-exchange losses in 2009 due to the strengthening rupiah, but it did not disclose the amount.

On the other side of the ledger, Antam’s unaudited cost of sales increased by 8 percent to Rp 7.5 trillion, largely because of higher trading costs for precious metals.

Antam’s unaudited operating costs fell 49 percent to Rp 610 billion, including an 86 percent plunge in exploration expenses to Rp 49 billion and a 48 percent decline in sales and marketing costs to Rp 78 billion.

Antam said it will release its audited 2009 financial report by the end of March.

The company’s share price closed unchanged on Rp 2,075 on Thursday.