Tin Giant Timah Suffers Steep Drop Net Profit
State-owned tin producer PT Timah said its net profit dove 88.5 percent to Rp 179.95 billion ($18.7 million) in the nine months to September compared with the year earlier, driven by lower sales and lower prices for tin. The company is the country’s biggest tin producer and the world’s largest tin exporter.
However, net profit at the end of September was four times higher than at the end of June, reflecting a recovery in tin prices in the third quarter. The company’s average tin price in the third quarter stood at $14,770 per ton, 22 percent higher than in the first quarter. The average tin price over the nine month period was $12,995 per ton, down from $21,916 last year.
PT Timah’s revenue dropped by 19.7 percent to Rp 5.53 trillion in the nine-month period. JG
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