PT Timah's subsidiaries still in the red

Three subsidiaries of state owned tin mining company PT Timah including PT Timah Industri, PT Timah Eksplomin and PT Timah Investasi Mineral still suffered financial losses this year despite their efficiency programs, Investor reported on Friday.

The president director of PT Timah, Thobrani Alwi, said in Jakarta on Thursday that PT Timah Industri which operates in construction services suffered a loss of Rp 429 million (US$1=Rp 8,500) in the first nine-month of this year.

The other companies PT Timah Eksplomin which is engaged in oil drilling activities booked a financial loss of Rp 14.43 billion while PT Timah Investasi Mineral which is involved in coal mining activities suffered a financial loss of Rp 203 million.

The company's two subsidiaries PT Tambang Timah and PT Dok & Perkapalan Air Kantung managed to post profits. In the first nine month of 2003, PT Tambang Timah booked a profit of Rp 106.40 billion while PT Dok & Perkapalan registered a profit of Rp 1.46 billion.

PT Timah has succeeded in earning a net profit of Rp 63.9 billion during the first nine months period in 2003. (*)