Timah Q1 profit soars on higher selling price

IDX-listed state tin miner PT. Timah (Persero) Tbk reported on Monday first quarter 2008 net profit of Rp 487,3 billion (US$=Rp.9,200)or 55% higher than last year's same period profit of Rp 314,3 billion.

Net income per share rose to Rp.968 from Rp.625.

The company said higher profit was due to higher price. The price received by the company during the first quarter of 2008 was US$ 17.133 per metric ton, or 36% higher than average price received in the same period of 2007 of US$ 12.635 per metric ton.

Sales volume of refined tin in the first quarter of 2008 was 10.176 metric tonnes, 30% lower than that of the same period last year of 14.554 metric tonnes.

Production of refined tin which was 20% lower from 14.350 tonnes in the first quarter of 2007 to 11.523 tonnes in the first quarter of 2008. In line with production of refined tin production, the total tin-inconcentrates production decline to 61 % than the same period of 2007 that was 22.329 tonnes, the company said.(alex)