Timah H1 offshore tin production up by 28%, net profit soars

Indonesia-listed tin miner PT Timah Tbk. said on Mondy that its offshore tin-in-concentrate production increased by 28 percent to 9,085 ton in the first semester of the year from 7,075 ton in the same period of last year.

In the second quarter of this year, offsore tin-in-concentrate production reached 6,929 ton, up by 221 percent from 2,156 ton in the previous quarter.

Onshore tin-in-concentrate production in the first semester is also higher 84 percent to 8,503 ton from 4,168 ton in the same period of last year.

Refined tin production until the end of June 2010 is 19,501 tons, up from 19,378 tons in the same period of 2009.

But refined tin sales in the first semester of 2010 fell 18 percent to 19,760 tons from last year?s sales at 24,110 tons.

Refined tin average price during first semester rose 45 percent to US$17,529/ton, compared to $12,087 in the previous year.

Net profit during the first semester reached Rp 322.3 billion (1US$ = Rp 9,000), up from Rp 42.9 billion recorded in the first half of 2009. (denny)