Timah reports Q1 net profit soars

State-owned tin miner PT Timah (Persero) Tbk reported Saturday that its unaudited consolidated net profit during the first quarter of 2011 reached Rp 354.7 billion (1US$ = Rp 8,600), two and half its net profit in the corresponding period of last year.

The soaring net profit is contributed by the increase of average refined tin sales price in the quarter, which reached US$29.695 per ton, 75 percent higher compared to the same period of last year.

The company?s refined tin sales during the quarter were down 18 percent to 7,992 tons from 9,770 in the same period of last year. Production refined tin was also down 8 percent to 8,503 tons during the first quarter of 2011.

Despite lower refined tin sales and production, the company?s tin-in-concentrate production in the quarter increased 10 percent to 8,129 Sn a ton from 7,397 in the same period of last year.

The company?s offshore tin-in-concentrate production reached 3,476 tons during Jan-March, up from 2,165 tons in the same period of last year.

Onshore tin-in-concentrate production in the first three month was down to 4,653 tons from 5,241 tons in the same period of last year. (denny)