Timah books Rp 802 bilion in net profit in 2010

State tin mining company PT Timah Tbk booked a sharp increase in 2010 net thanks to the sharp increase in tin metal prices in the world during the year.

The company?s unaudited financial reports showed the company?s net profits more than doubled to Rp 802.44 billion in 2010 from about Rp 313.75 billion in the previous year.

The sharp increase in the tin metal resulted in a 108 percent rise in the company?s total sales to Rp 8.29 trillion last year. The company?s gross income also rose to Rp 1.70 trillion, a 148 percent increase from the figure recorded in the previous year.

The company has projected a 24 percent increase in net profit this year as the price is expected to remain high during the year. ?Our net profit, this year, is expected to reach Rp 1 trillion,? the company?s president director Wachid Usman said on Monday

In 2010, Timah?s refined tin exports were down to 40,302 tonnes from 49,240 tonnes in 2009. The company?s tin production also declined to 40,413 tonnes from 45,086 tonnes.

He said that in 2011, sales were projected to reach between 56,423 tonnes and 60,453 tonnes of refined tin.

The tin price is expected to further increase this year to about US$27,930 per tonne from $27,344 per tonne last year. (bernard)