Timah post Rp47.7 billion net profit in H1

State integrated tin miner PT Timah Tbk said on Thursday it had posted a net profit of Rp47.7 billion in the first half year of 2003, a significant change compared with Rp53.8 billion in net losses a year earlier, due to higher tin prices and sales volumes improvement.

?Average tin price received by Timah during the first half of 2003 was 13.65 percent higher compared with US$4,116 per ton the same period last year to US$4,678 per ton,? said the company in its report to the Jakarta Stock Exchange.

Timah said total sales volume during the first semester of 2003 amounted to 21,861 tons, or 56.9 percent higher that of 13,933 tons in the first half of 2002.

In the first semester of 2003, Timah produced around 23,562 tons of refined tin or 38.68 percent higher compared to the same period last year.

Timah reported that production of tin-in-concentrate increased by 32.29 percent to 27,502 tons in the first semester of 2003 from 20,789 tons in the same period last year. The company said that contribution of inland production to total production of tin-in-concentrate was increased to 84.23 percent from 74.08 percent respectively.

?This was the impact of export ban on tin-in-concentrate since June 2002,? said Timah.

Timah also reported that cost per ton of tin metal for the first half year of 2003 was 2.5 percent lower to US$3,749 compared to US$3,845 per ton for the same period last year.

Timah operates tin mines and a large tin smelting plant in Bangka-Belitung province. The company is currently one of the world's lowest cost tin producers. (robert)