Timah profit soars on higher tin price

JSX-listed state tin miner PT.Timah Tbk reported Friday third quarter net profit of Rp 54 billion (US$ = Rp.9, 050), pushing the company?s nine month net profit to Rp 136.9 billion, or 133% higher than last year?s same period.

Timah said the decrease in sales and production volume was offset by higher selling price.

LME cash prices during the third quarter of 2004 fluctuated between US$ 8,650 and US$ 9,350 per tonne. Average price received by the company during the third quarter of 2004 was US$ 9,178 per tonne which was 93% higher last year's same period price of US$ 4,752 per tonne, while the average price received for the period ended 30 September 2004 was US$ 8,193 per tonne or 72% higher than US$ 4,758 per ton for the same period last year.

Sales volume for the third quarter of 2004 of 7,123 metric tonnes was 42% lower than that of the same period last year, making 9-month cumulative sales volume for the period ended 30 September 2004 amounted to 22,643 metric tonne or 34% lower than last year?s same period last year.

Refined tin production for the third quarter of 2004 amounted to 23,818 metric tonnes, 33% lower than last year's same period. Cumulative 9-month tin-in-concentrate production was 29,905 metric tonnes, 19% lower than last year?s same period.

Of the total concentrate production, 82% or 2,423 tonnes of tin-in-concentrate was obtained from inland sources, while the remaining balance of 5,482 tonnes was from the dredge operations. (alex)