Timah?s Q1 net profit increases by 882%

IDX-listed tin miner PT Timah announced on Thursday unaudited net profit in the first quarter of 2010 reached Rp 141. 8 billion (1US$ = Rp 9,020), an 882 percent increase compared to the same period of 2009 at Rp 14.4 billion

The increase in net profit is due to improvement in the world average price of tin metal along with the recovery in consumer purchasing power, the company said in a statement.

The average price received by the company during the first quarter of 2010 was $16,970 per ton , 51% higher than that of last year?s same period of $ 11,221 per ton. The highest price was $18,355 per ton and the lowest was $14,950 per ton, it said.

Refined tin sales volume during the quarter reached 9,770 tons, 11% down from 11,014 tons. Production of refined tin is also decreased by 11 percent to 9,266 tons.

Meanwhile, total tin-in-concentrate production during the quarter reached 7,397 ton a 40% increase compared to the same period of last year at 5,288 ton Sn.

Sales revenue during the first quarter of 2010 was Rp 1,835.4 billion or 16% higher than the same period in 2009 of Rp 1,587.5 billion. (denny)