Timah?s net profit jumps by over 141%

By Maryati Dimursi

IDX-listed tin giant PT Timah Tbk reported that net profit in the first nine months of this year jumped by 141.34 percent to Rp 341.45 billion compared to the corresponding period of last year as production and sales increased.

The company said in a third quarter report released Thursday that tin ore production during the January-September period of this year increased by 32.47 percent to 22,870 tons year-on-year, while tin metal output rose by 15.62 percent to 18,601 tons.

The company said sales of tin metals increased by only 2.87 percent to 15,664 tons as Timah conducted selective selling strategy to help stabilize price of the commodity.

The higher production and sales, increased consolidated revenue during the January-September period of this year to Rp 4.36 trillion compared to Rp 3.61 trillion in the same nine-month period of last year.

Timah Corporate Secretary Agung Nugroho said that the company has conducted a number of cost-saving and efficiency measures such as switching from petroleum oil to cheaper gas as the main source of fuel to help cope with the current weak global mining industry.

Editing by Reiner Simanjuntak