Timah's net profit drops 39 percent
Tuesday, February 22 2000 - 04:30 AM WIB
Publicly-listed state tin mining company PT Timah said its consolidated net profit dropped by 39 percent to Rp 318 billion in 1999.
The company attributed the decrease in profits to lower tin prices, the strengthening of rupiah against the dollar and the decrease in tin production.
Total tin production fell by 15 percent to 37,076 tons in 1999 from 43,714 tons in 1998; tin production from offshore operation fell by 12 percent to 16,981 tons while onshore output dropped by 18 percent to 20,095 tons. (*)