Timah starts making profit

Despite lower revenue, IDX-listed tin giant PT Timah Tbk started to deliver profit in the third quarter of this year, thanks to higher price of the commodity and efficiency measures, Bisnis Indonesia reported on Tuesday.

The paper said that Timah?s net profit in the quarter ending September increased by five-fold to Rp 50.65 billion from Rp 10.47 billion in the corresponding period of last year. In the second quarter, the company was still suffering losses.

In the first nine-month of this year, Timah?s revenue declined by 8.98 percent to Rp 4.68 trillion, year-on-year. Tin ore production fell by 22.83 percent to 15,973 tons, while tin metal production declined by 23.36 percent to 15,995 tons, year-on-year. Sales of tin metals also declined by 18.26 percent to 18,600 tons, year-on-year.

Tin price, however, increased to US$17,296 per ton from $16,516 per ton, the paper said, quoting Timah Corporate Secretary Agung Nugoro.

Agung said that cost of sales declined by 11.77 percent to Rp 4.09 trillion, year-on-year. (*)