Timah books lower profit

Timah books lower profit

JAKARTA (JP): Publicly listed tin mining company PT Timah
reported a net profit of Rp 116.4 billion (about US$10.5 million
at the current rate) in the first quarter, this year.

The company said that the net profit during the January-March
period represented a drop of 12 percent from the same period last
year.

The state owned mining company attributed the drop in the
profit to the decline in the tin prices in the international
market.

Sales volumes during the first quarter of 2001 fell by 25
percent to 6,744 tons from 9,017 tons in the January-March period
of last year.

The company said that the economic recession in the United
States and the oversupply in the tin market were the main reasons
of the lower sales volume.