Timah's profits drop

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)