Timah net profit soars 19,500% on higher price

JSX-listed state tin miner PT Timah (Persero) Tbk reported on Wednesday 9-month net profit of Rp.1,264.5 billion (US$ = Rp.9,100) or 19.5 times higher than that of Rp.61.6 billion net profit the same period in 2006 due to soaring tin price.

World?s tin prices has been moving up significantly since the fourth quarter last year, from US$8,940 per tonne at the beginning of October 2006 to US$15,255 per tonne at the end September 2007.

Average tin price received in the third quarter of 2007 was US$ 14,905 per tonne, or 71 % higher than that of the same period last year, while the average price received during the first nine months of 2007 was US$ 13,974 per tonne, or 67% higher than that of the same period in 2006.

Sales volume during the nine month period of 2007 amounted to 47,270 tonnes which was 54% higher than that of 30,735 tonnes the same period in 2006.

Refined tin produced by the company during nine month of 2007 was 46,925 tonnes, or 49% higher than that of the same period in 2006 of 31,530 tonnes. Tin-in-concentrate production was 76% higher from 28,874 tonnes of Sn in nine months of 2006 to 50,851 tonnes of Sn for the nine months period this year.

Total sales revenue for the three quarters of 2007 of Rp. 6,583.0 billion was 119% higher compared to that of the same period in 2006 of Rp.3004.3 billion.(alex)