Timah's profits drop

JAKARTA (JP): Publicly listed tin mining company PT Timah announced net profits of Rp 280.7 billion (US$41.3 million) for the first nine months of 1999, a 38 percent decrease from the Rp 454.9 billion in the same period last year.

Timah said the lower profit was due to the stronger rupiah and lower tin prices.

Sales volume increased to 31,130 metric tons in the first nine months of the year, up by 4.1 percent from 29,895 tons last year.

The state company said it produced 28,799 tons of the tin metal in the first nine months, an 11 percent decrease from 32,225 tons in the same period last year.

The average exchange rate during the first nine months of 1999, the company said, was Rp 7,789 to the U.S. dollar compared to Rp 9,440 to the dollar during the same time last year.

The average tin price during the nine-month period was $5,343 per ton, down 4.4 percent from $5,586 per ton the previous year, according to the company. (udi)