Timah's 9-month profit down by 89 percent

IDX-listed tin miner PT Timah said on Thursday that its net profit during third quarter reached Rp 128.1 billion (1US$ = Rp 9,600), fell 66 percent from Rp 379.6 billion compared to the same period of last year.

Nine-month net income also fell 89 percent to Rp 170.95 billion as sales declined to Rp 5.53 trillion from Rp 6.89 trillion, the firm said in a statement.

The firm attributed the profit decline on the sharp decrease in tin price. The price of the commodity averaged $12,995 per ton as of the end of September this year, down by 59 percent from $21,916 in the same period of last year.

The price however rose to $14,770 per ton in the third quarter of this year from an average $12,087 per ton in the first half of the year.

Tin-in-concentrate production on third quarter 2009 reached 15,466 tons, up 32 percent from 11,693 ton in the first semester of the year. The firm produced a total of 27,160 tons of tin-concentrate up to the end of September 2009. (bernard)