Timah hopes profit to double

Timah hopes profit to double

JAKARTA : Encouraged by improving world tin prices, Indonesian tin producer PT Tambang Timah expects its net profit this year to double from last year's Rp 11.28 billion (US$1.3 million).

"We expect that the tin prices this year will rise to around $4,500-$4,700 per ton from $4,200 per ton last year," Timah's President Director Thobrani Alwi told reporters Wednesday.

Thobrani said he also expects revenue from an excavation project in Johor, Malaysia, worth $4 million to add to the company's bottom line.

Last year, Timah booked Rp 1.581 trillion in net sales, down from Rp 1.867 trillion a year earlier.

The world's largest tin producer holds exploration and mining rights until 2025 for more than 7,700 square kilometers spread across several islands and offshore areas in the Java Sea. -- Dow Jones