Timah suffers Rp 138b loss in Q1 2016
Thursday, April 28 2016 - 10:47 AM WIB
IDX-listed state owned tin mining firm PT Timah Tbk announced on Thursday that it suffered Rp 138.84 loss in the first quarter of the year as sales dropped.
Sales dropped by 5.22 percent year on year (yoy) to Rp 1.302 trillion while costs rose 5.85 percent yoy to Rp 1.296 trillion during the period.
The firm noted that tin price improved in the first quarter of the year from the bottom price of US$13,893 per ton in August 2015. The price increase starting in March 2016 was able to improve the firm?s financial performance but could not compensate the losses caused by low prices since early this year. As such, the firm will continue efficiency programs in order to meet the financial target for this year.
During the period, Timah?s stock price rose by 46.53 percent, reflecting the market?s confidence in the firm.
The firm?s tin ore production dropped 48.81 percent to 3,405 tons in the first quarter of 2016 from 6,653 tons in the same quarter of 2015, while tin metal production dropped 40.42 percent to 4,205 tons from 7,057 tons. Tin metal however rose 8.03 percent to 5,730 tons from 5,304 tons.
On April 7, the firm?s shareholders meeting approved the lineups of Board of Directors and Commissioners as follows:
Board of Directors:
1. M. Riza Pahlevi Tabrani as President Director
2. Emil Ermindra as Director of Finance as well as Director of Human Resources and General Affairs
3. Muhammad Rizki as Operation Director
4. Purwijayanto as Planning and Business Development Director
Board of Commissioners
1. Fachry Ali as President Commissioner/Independent
2. Erfi Triassunu as Commissioner
3. Mochtar Husein as Commissioner
4. Eko Prasojo as Commissioner
5. Bagas Angkasa as Independent Commissioner
6. Milawarma as Independent Commissioner
Editing by Johannes Simbolon