Timah Q1 net soars on higher price, sales
Saturday, April 30 2005 - 02:55 AM WIB
The improved net profit, said the company, was mainly attributable to higher tin prices, lower exchange rate of Rupiah to the US Dollar, as well as improved operational performance.
Average tin price received by the Company during the first quarter of 2005 was 25.6% higher to US$ 8,356 per metric tonne compared to the same period last year of US$ 6,651 per metric tonne.
Meanwhile, average exchange rate of US Dollar to Rupiah received by the Company was 9.7% higher compared to the same period last year, i.e. from Rp 8,451 to Rp 9,272 per US Dollar.
Sales volume of refined tin during the first quarter of 2005 was 9,184 metric tonnes, an increase of 11.3% compared to that of the same period last year of 8,253 metric tonnes. As a result, sales revenue during the first quarter of 2005 was increased by 62.5% to Rp 766.0 billion compared to Rp 471.3 billion in the same period last year. The total revenue comprised of refined tin sale of Rp 711.5 billion (92.9%), coal sales of Rp 50.4 billion, and sale of engineering and docking services of Rp 4.1 bilion (0.5%).
Higher price of tin has also caused higher value of tin inventory and trade receivables. These were balanced by the increase of the outstanding short-term loan and trade payables. The result of higher current assets and current liabilities was 31.1% higher in total assets, i.e. from Rp 2,005.1 billion as of 31 March 2004 to Rp 2,629.4 billion as of 31 March 2005.
Higher sales volume of refined tin during the first quarter of 2005 was in line with higher production of
refined tin to 9,206 metric tonnes, or 47.4% higher than that of 6,246 metric tonnes during the same period last year.
Meanwhile, tin-in-concentrate production in the first quarter of 2005 was 112.1% higher to 12,747 tonnes of Sn compared with that of 6,010 tonnes of Sn in the first quarter of 2004. Higher production of tin-in-concentrate was attributable to better dredge performance which increased from 479 tonnes of Sn in the first quarter last year to 1,665 tonnes of Sn, or 247.5% higher, and better availability of inland tin-in-concentrate from 5,531 tonnes of Sn to 11,083 tonnes of Sn this year.
Although contribution of dredge production improved from to 8% to 13% of the respective quarterly production, higher tin price has caused delivered cost per tonne to increase from US$ 5.841 per metric tonne in the first quarter of 2004 to US$ 7.298 per metric tonne in the first quarter of 2005.(alex)