PT Timah's net profit up

JAKARTA (JP): Publicly-listed tin mining company PT Timah announced Rp 156.3 billion (US$18.1 million) in net profit for the first quarter of 1999, a 24 percent increase from Rp 127.7 billion in the same period of last year.

Sales volume increased to 10,985 metric tons in the first quarter of the year, up by 23 percent from 8,966 tons in the same period of last year, despite an increase in output.

The state-owned company said it produced 8,584 tons in the first quarter, a 12 percent decrease from 9,775 tons for the same period of last year.

Timah added that tin prices remained weak during the first quarter of the year at an average $5,290 per ton. The price was 1 percent lower than the average price of $5,323 per ton in the first quarter of last year.

The company said it would maintain its strategy to mine lower grade deposits at its tin mine on the Bangka island, Riau. (jsk)