PT Timah?s Q3 net profit rockets 265 percent
Friday, October 31 2003 - 03:13 AM WIB
The state-owned tin producer PT Timah Tbk has succeeded in earning a net profit of Rp 63.9 billion (US$1=Rp 8,500) during the first nine months period in 2003 or an increase of 265 percent during the first nine months period in 2003 in compare to a loss of Rp38.7 billion for the same period in 2002, Investor Indonesia reported on Friday.
Thanks to the company?s efficiency program and higher tin prices, PT Timah swung to net profit in 2003 from the loss in last year.
Timah?s president director Thobrani Alwi said in a public expose in Jakarta on Thursday tin prices rose around US$4,752 a metric ton during the period from around $4,206 a year earlier.
He said the higher tin prices pushed his company?s sales up by 26 percent to Rp1.345 trillion from Rp1.006 trillion.
He didn?t give further details.
Timah, which is the world?s largest tin producer, holds exploration and mining rights for until 2025 for more than 7,700 square kilometers spread across several islands and offshore in the Java Sea. (*)