Timah records net profit of Rp177.9 b in 2004

State-owned tin miner PT Timah reported Tuesday that its 2004 net profit soared by 387 percent to Rp177.9 billion compared to a year earlier due to higher tin prices and the weaker rupiah against the dollar.

Timah president Thobrani Alwi said tin prices last year averaged US$8,482 per ton compared with US$4,807 per ton in 2003.

Tobrani said Timah sold 35,032 metric tons of refined tin last year, down 23 percent from 45,373 tons in 2003. Meanwhile, tin production was 37,212 tons compared with 43,948 tons.

Tobrani also said average exchange rate in rupiah in terms of US$ increased by 4 percent to Rp8,961 per dollar last year compared with Rp8,611 a year ago. Most of Timah?s revenue is in dollars. (godang)