Timah's H1 profit jumps 32 times on higher tin prices

Publicly-listed state owned tin mining company PT Timah said its profit in the first semester of the year soared 32 times due to higher production and tin prices.

 

Net income jumped to Rp 780.8 billion (about $83 million) from Rp 23.9 billion last year, the company said at a meeting with investors. Sales surged to Rp 4.08 trillion from Rp 1.73 trillion.

 

Based in Pangkal Pinang, Bangka Island, the company sold 30,456 tons of refined tin in the six months ended June 30, a 60 percent increase from 19,083 tons sold in the same period last year.

 

Output rose 54 percent to 32,567 tons, Timah said. The company sold the metal for an average price of $13,459 a metric ton in the first half compared with $8,120 a ton last year.

 

Tin prices have significantly increased in the first half of the year thanks to the tight supplies caused by the government’s crackdown on illegal mining activities in Bangka and Belitung Islands , the country’s center of tin production. (Bernard)