Timah 9-month net profit soars on higher price

Indonesia Exchange-listed tin miner PT Timah Tbk. said on Friday that its nine-month 2010 net profit reached Rp 475.4 billion (1US$ = Rp 8,950), almost triple from Rp 170.9 billion recorded in the same period of last year.

The soaring net profit is contributed by the increase of average refined tin sales price in London Metal Exchange (LME), the company said in statement.

Refined tin average price during nine month of 2010 rose to US$18,133/ton, compared to $12,995 in the same period of last year. In the third quarter average selling price is also increased to $19,166/ton from $14,770/ton in the same period of last year.

The company?s offshore tin-in-concentrate production reached 15,745 tons during Jan-Sept, up from 13,440 tons in the same period of last year. In third quarter alone the company?s offshore tin-in-concentrate production reached 6,660 ton, higher compared to 6,365 tons in last year?s corresponding quarter.

Onshore tin-in-concentrate production in the nine months down to 11,378 tons from 13,719 tons in the same period of last year. In the third quarter onshore tin-in-concentrate production reached only 2,875 tons from 9,101 tons in the same period of last year due to high rainfall.

Refined tin production until the end of September 2010 was 29,931 tons, down from 33,765 tons in the same period of 2009.

Refined tin sales in the first nine month of 2010 also fell to 29,252 tons from last year?s sales of 36,453 tons. (godang / bernard)