Timah posts sharp increase in profit

Timah posts sharp increase in profit

JAKARTA: State-owned mining company PT Timah announced on
Friday that its first quarter net profit soared sharply to Rp
27.1 billion (US$3.1 million) from Rp 1.1. billion in the same
period last year on cost-cutting measures and the higher price of
tin.

The average price of tin in the quarter was about $4,010 per
ton, or a 14.56 increase from the average price level from the
same quarter last year.

The publicly listed company said sales volume in the quarter
soared by 82.85 percent to 14,717 tons, while revenue increased
by 75.7 percent to Rp 424 billion. -- JP