Timah?s net profit jumps by 148%

Courtesy of Timah

IDX-listed tin giant PT Timah Tbk said that net profit last year jumped by 148 percent to Rp 251.97 billion from Rp 101.56 billion in the previous year.

The company said in a statement on Tuesday that revenue only increased by 1.37 percent to Rp 6.97 trillion in 2016 from Rp 6.87 trillion in 2015.

Timah said that cost of revenue declined by 5.09 percent to Rp 5.87 trillion from Rp 6.19 trillion. Average selling price last year stood at US$18,408 per ton, up from $16,186 per ton in the previous year.

Timah said that it has set production and sales volume target of 30,000 tons this year, which will be supported with a capital expenditure of Rp 2.65 trillion, a jump from about Rp 1 trillion allocated for last year.

Timah said that tin ore production last year declined to 24,121 tons from 26,361 tons in the previous year, while tin metal output also fell to 23,756 tons from 27,431 tons. Sales of tin metal last year stood at 26,677 tons, down from 30,087 tons in 2015.

Elsewhere, the company said it will continue to seek for new tin reserves. As per end of December 2016, Timah?s tin reserves stood at 335,909 tons, of which 79 percent are located offshore, and 21 percent onshore. Meanwhile, resources stood at 737,546 tons, of which 67 percent are located offshore, and the remainder onshore.

Editing by Reiner Simanjuntak