Pricewaterhouse helps Timah audit
Friday, January 4 2002 - 02:43 AM WIB
International audit firm PricewaterhouseCoopers (PwC) will help the audit committee of the state-owned tin mining company PT Timah to launch a management audit, the Neraca daily reported Friday.
The paper said that audit was necessary after the company suffered around 50 percent drop in 2001 first semester net profit to Rp 126 billion from Rp 250.1 billion in the same period last year.
Timah president Erry Riyana Hardjapamekas had previously said that the significant drop in the net profit was due to low international tin prices amid oversupply problem.
Erry said that the oversupply of tin in the market was caused by rampant illegal tin mining in Bangka and Belitung islands. The illegal tin miners could produced up to half of Timah?s total output.(*)