PT Timah's profits up 64%

JAKARTA (JP): PT Tambang Timah, a listed tin mining company, announced a 64 percent increase in its net profit yesterday to Rp 70.6 billion (US$30.17 million) in the first semester of this year from Rp 43 billion in the same period of 1995.

The company attributed the profit rise to an increase in its sales volume and the strengthening of tin prices on the world market.

Realized tin prices averaged at US$6,363 per ton in the first semester of 1996, compared to $5,866 per ton in the same semester of 1995.

The company said its tin sales for the first semester of this year increased by 16 percent to 19,030 tons from 16,416 tons in the first semester of last year, while its tin production rose by 10 percent to 18,527 tons from 16,845 tons.

Tambang Timah, whose shares are mostly owned by the government, is listed on the London and Jakarta stock exchanges. (hen)