Timah's net profit Rp 23.9 billion in H1

State-owned tin mining firm PT Timah said on Friday its unaudited net profit reached Rp 23.9 billion for the first half of 2006, or 75 percent lower than the restated Rp 96.5 billion net profit in the same period last year.

?This was resulted from higher cost of goods sold, as well as average exchange rate of the Rupiah against the US dollar was 2.0 percent lower than that received in same period last year,? Timah said in a report to the Jakarta Stock Exchange.

Timah said the average price received for the first six month of 2006 amounted to US$8,120 per ton, or 1.0 percent lower than that of the same period last year of $8,221 per tons.

According to the report, during the second quarter of 2006, the world?s tin prices tended to improve compared to that of the first quarter to between US$9,750 and US$ 7,650 per tons. The average price received by Timah during the period was US$8,120 per tons.

Meanwhile, the company?s sales volume during the first half of 2006 stood at 19,083 tons, a 1.0 percent lower from 19,364 tons a year ago. But total sales revenue was 8 percent higher compared same period last year to Rp 1,729 billion.

Timah also said its refined tin production increased to 21,134 tons in the first half of 2006, or 10.0 percent higher than the production of the same period in 2005 of 19,214 tons.

?Inland production remained the largest contributor to total production of tin-in-concentrate, accounting for 74 percent of the total (output), while the purchasing price of tin in concentrate from unconventional miners continued to be higher, resulting in higher production and delivered costs per ton compared to the same period last year.? Timah added. (denny)