Timah?s Q1 profit soaring

Net profit of tin producer PT Timah Tbk soared by 770 percent to Rp 100 billion in the first quarter of 2007 from Rp 11.475 billion in the same period last year.

?The increase in the net profit was mainly boosted by the soaring price of tin on the international market, from US$7,629 to $10,000 per metric ton,? said Thobrani Alwi, the company?s President Director in Jakarta recently.

In addition, the rise was also boosted by a 50 percent increase in the selling volume of tin, totaling 14,000 tons in the first quarter of 2007. ?We increase the selling volume because the price is good indeed,? said Thobrani.

Despite the rising price, Timah has not planned to drive up the production this year. The company would continue to the conservative annual production target of 45,000 metric tons.

On the other hand, Timah also allocated around Rp 200 billion in capital expenditure this year. The fund would be used for supplementing two new processing furnaces respectively capable of producing 6,000 tons of tin. (*)