Sat, 03 May 2003

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