Timah Q1 profit down on lower tin price
Tuesday, July 1 2014 - 01:41 AM WIB
IDX-listed tin giant PT Timah Tbk said that net profit in the first quarter of this year declined by more than 7 percent to Rp 95.08 billion from Rp 102.8 billion in the same January-March period of last year on weaker tin price.
The company said in a statement Monday that revenue fell by 19 percent to Rp 1.24 trillion during the quarter ending March of this year compared to Rp 1.53 trillion in the corresponding period of last year.
Timah said that tin price on the London Metal Exchange during January to mid-February of this year was lower than expected ranging at between US$21,500-22,930 per ton.
The weaker financial performance came as Timah increased tin ore production in the first quarter of this year by 44.09 percent to 6,213 tons from 4,312 tons in the same quarter of last year.
?Tin production also rose 7.84 percent to 5,148 metric ton in the 1st quarter of this year compared to the 1st quarter of 2013 with only 4,774 metric ton, and sales volume in March 2014 reached 4,319 metric ton,? the company said in the statement.
Editing by Reiner Simanjuntak