Timah expects profit to jump this year on price recovery

IDX-listed tin giant PT Timah Tbk expects net profit to jump this year on recovery in the price of the commodity, Kontan reported on Wednesday.

The paper quoted Timah Corporate Secretary Agung Nugroho as saying that tin price has now reached bottom after tumbling from US$21,686 per ton in 2014 to $16,186 per ton last year. He said that if price could soon recover to $18,000 level, it would further increase to $21,000 level this year.

Last year, Timah?s net profit dropped to Rp 101.56 billion from Rp 673 billion in 2014. Agung said the company expects net profit to jump beyond the 2014 level this year on price recovery and efficiency measures.

Timah aims to produce about 30,000 tons of tin ores this year, and 31,200 tons of tin metals. Sales volume of tin metals this year is targeted at 31,000 tons. (*)