PT Timah's profits surge 96.5 percent in the first semester

Publicly listed tin mining company PT Timah booked a 96.5 percent increase in its net profits in the first semester of this year to Rp 82.9 billion from Rp 42.2 billion in the same period of last year despite the fall in tin production, Media Indonesia reported on Saturday.

PT Timah contributed the significant increase in the profit to the surge in the price of tin in the world market. It said that the realized price of the company's tin reached US$7.41 per ton or an increase of 65.5 percent from the same period, last year. The tin price in the world market reached between US$8.5 to US$10.10 per ton in the first six months of this year.

During the January-June period, the company sold a total of 15,520 tons of tin metal, down by 20 percent 21, 861 tons in the same period in 2003, the company said.

PT Timah reported that its tin production reached 15,103 tons in the first semester, a 35.9 percent decline from 23,562 tons in the same period, 2003 due to the decline in the tin ore production. The company's tin ore production dropped to 17,239 tons from 27,502 tons in the same period. (*)