Timah reports Rp 46t profit

Timah reports Rp 46t profit

JAKARTA: State-owned tin producer PT Timah on Wednesday said it booked a net profit of Rp 46 billion rupiah (US$5.54 million) for the first half, compared with Rp 50 billion in losses a year earlier, due to higher tin prices.

Timah finance director Wachid Usman said tin prices rose to around $4,700 a metric ton during the period compared with around $4,000 a year earlier.

"We expect that we can still be able to book net profit this year, if tin prices are stable at current levels," he added.

He didn't provide further details.

Timah had net profit of Rp 11.28 billion in 2002 from Rp37 billion in 2001 on sales of Rp 1.581 trillion, down from Rp 1.867 trillion.

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