Timah 2010 net profit soars on higher tin price

Jakarta-listed state tin PT Timah (Persero) Tbk reported Thursday net profit Rp. 947.9 billion (US$=Rp 8,800) which was 203% higher than that of 2009 net profit of Rp.313,8 billion due to higher tin price, especially in the second half 2010.

The global tin price started to increase in the middle of the third quarter moving up slowly with ranging of US$ 22,000 per metric tonne from US$ 16,000 per metric tonne on the first and second quarter, which impacted to company margin on the fourth quarter of 2010, the company said.

The highest global refined tin price during 2010 was US$ 27,600 /Mton and the lowest was US$ 14,950/Mton with the average of US$ 20,447/Mton, 50% increased from 2009 global average tin price..

Refined tin production on 2010 was 40,413 Mton, 10% lower than 2009 production which was 45,086. Production of tin in concentrate on 2010 was 37,615 ton Sn, relatively similar to 2009 production was 37,701ton Sn. Contribution of ore was earned from onshore mining which was 17,172 tonnes of Sn on 2010 which also means 12% lower compared to the same period in 2009 which was 19,493 tonnes of Sn. Moreover, tin ore production from offshore increased from 48% to 56% from total production attributable to improvement of cutter suction dredges (KIP), the company said. (alex)