Tin firm expects to exceed targets<\/p>\n
JAKARTA (JP): The state tin mining company PT Tambang Timah
\nexpects to exceed last year's sales and net profit targets by
\nfive percent, thereby improving its share performance on the
\ncapital markets, an executive said here yesterday.<\/p>\n
"We hope the exact figure can be announced later this month,"
\nTambang Timah's president, Erry Riyana Hardjapamekas, told a
\ndiscussion meeting held by The Jakarta Post.<\/p>\n
Tambang Timah recorded a 9.1 percent increase in sales to Rp
\n473.4 billion (US$205.4 million) last year from Rp 433.9 billion
\nin 1994.<\/p>\n
The company's net profit was expected to increase by 3.06
\npercent from Rp 120.2 billion in 1994 to Rp 123.9 billion last
\nyear.<\/p>\n
Erry said the achievement will counter the notion that the
\ndecline of Tambang Timah's share price on the stock market had
\nbeen caused by his company's performance.<\/p>\n
The decline in Tambang Timah's share price had been caused
\nmainly by market sentiment, which is difficult to predict, he
\nadded.<\/p>\n
Tambang Timah floated 25 percent of its shares on the London
\nStock Exchange and another 10 percent on the Jakarta and Surabaya
\nstock exchanges on Oct. 19, last year.<\/p>\n
Tambang Timah's share prices declined to below the initially
\noffered price of Rp 2,900 per share or $12.73 per Global
\nDepository receipt (which is equivalent to 10 shares) both on the
\nLondon and Jakarta stock exchanges. The shares were quoted at Rp
\n2.850 on the Jakarta Stock Exchange on Monday.<\/p>\n
Erry said Tambang Timah, which has 490,000 tons of proven tin
\nreserves in its 786,657-hectare mining concessions in South
\nSumatra, planned to increase its tin production from 37,000 tons
\nlast year to 41,780 tons this year. Ninty five percent of its
\nproduction is exported, he added.<\/p>\n
Besides Tambang Timah, Indonesia has another tin company, PT
\nKoba Tin, which has a production capacity of 15,000 tons per
\nyear.<\/p>\n
Koba Tin is 25 percent owned by Tambang Timah and 75 percent
\nby Radisson Gold Fields Corp. of Australia.<\/p>\n
Erry said his company is allowed to diversify its business to
\nother minerals such as gold and coal.<\/p>\n
Tambang Timah plans to open a gold mine in Natal, North
\nSumatra, he said.<\/p>\n
He added his company is also prepared to set up joint ventures
\nwith domestic and foreign companies.(04)<\/p>",
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