Timah reports 2009 net profit drop by 77%

IDX-listed tin miner PT Timah said on Thursday that its net profit during 2009 reached Rp 313.8 billion (1US$ = Rp 9,070), a drop of 77 percent from Rp 1.34 trillion recorded in 2008.

The firm attributed the profit decline on the sharp decrease in tin price. The price of the commodity averaged at US$13,608 per ton in 2009, down from $18,512 in the previous year.

Tin-in-concentrate production reached 45,086 tons, down 8 percent from 49,029 tons in 2008.

PT Timah expects that global tin demand will increase by 10 percent this year to 330,000 tons with average price around $ 14,800 per ton. (denny)