Timah's net profit 49% higher in H1

State-owned tin mining firm PT Timah reported Wednesday its unaudited net profit reached Rp 96.5 billion for the first half of 2005, or 49 percent higher than the restated Rp 64.8 billion net profit in the same period last year.

?This resulted from higher production and sales volume, average tin price received by the company, as well as exchange rate of the Rupiah against the US dollar,? Timah said in its report to the Jakarta Stock Exchange.

Timah said the average price received for the first six month of 2005 amounted to US$8,221 per ton, or 5.8 percent higher that that of the same period last year of $7,771 per ton.

According to the report, during the second quarter of 2005, the world?s tin prices tended to decline to between US$ 8,200 and US$ 7,240 per ton, so that the average price received by Timah during the period was US$8,100 per ton.

Meanwhile, the company?s sales volume during the first half of 2005 stood at 19,364 tons, a 24.8 percent increase from 15,520 tons a year ago.

Timah also reported its refined tin production increased to 19,214 tons in the first half of 2005, or 27.2 percent higher than the production of the same period in 2004 of 15,103 tons.

?Inland production remained the largest contributor to total production of tin-in-concentrate, accounting for 80 percent of the total (output), while the purchasing price of tin in concentrate from unconventional miners tend to be higher, resulting in higher production and delivered costs per ton compared to the same period last year.? Timah added. (Robert)