Timah posts net profit of Rp 689 billion in H1 2011
Thursday, August 25 2011 - 08:59 AM WIB
The increase is mainly attributable to a 69 percent increase of refined tin average price received by the company to US$ 29,541 per metric tons, compared to $ 17,529 in the same period last year.
The company?s consolidated income in the first semester of 2011 rose 29 percent to Rp 4.83 trillion, from Rp 3.75 trillion in the same period last year.
Timah expects that global demand of refined tin is expected to continue to rise over the next few years. Moreover, global refined tin consumption in 2011 is estimated to rise by two percent from last year.
The company said it is seeking to increase revenue by focusing on premium tin sales as well as downstream product development.
In addition, Timah plans to reduce dependence from onshore mining by increasing offshore production capacity. Currently, company is constructing new type of dredge called Bucket Wheel Dredge (BWD) with better technology that is able to mine deeper compared to its existing Bucket Line Dredge (BLD). This will support the company's management strategic plan to go offshore go deeper.
In the first semester 2011, Timah?s tin ore production volume from offshore operation stood at 8,255 ton Sn, nine percent lower from the same period in 2010 at 9,085 ton Sn. Meanwhile, tin ore production from onshore operation is 9,446 ton Sn or 11 percent higher than that of the same period in 2010 of 8,503 ton Sn.
Refined tin production by the end of June 2011 reached 18,455 metric tons while refined tin production on first semester 2010 is at 19,501 metric tons.
Refined tin sales in the first half 2011 is 17,457 metric tons or 12 percent lower than that of same period in 2010 at 19,760 metric ton.s (godang/roffie)