Timah's profit 26 times higher in first quarter
Monday, April 30 2007 - 12:57 PM WIB
State owned tin miner PT Timah recorded an net profit of Rp 314.3 billion in the first quarter of the year, 26 times higher than the profit of the year-ago period at Rp 11.6 billion.
The company said in a statement that the sharp rise in profit resulted from the sharp increase in tin price as well as the increase in the company's tin output. The price of tin gained by the firm in the first quarter of the year reached an average of US$12,635 per ton, compared to $7,629 per ton in the year-ago period. Company tin output reached 14,554 tons in the first quarter of the year, 51 percent higher than the year-ago period 's output of 9,641 tons.
Company sales reached Rp 1,858.9 billion in the first quarter of the year, up 131 percent from the same period of last year. Sales in the first quarter of the year include Rp 1,679.6 billion from tin.
Aside from tin, which is produced in Bangka Belitung province, the company also produce coal in East Kalimantan.
The price of tin has been on the rise since the fourth quarter of last year following the crackdown on tin illegal miners by the government in Bangka and Belitung islands. (*)