JAKARTA (Indonesia Today) – World’s second largest tin producer PT Timah tBK (TINS) expects this year’s net profit to fall 15-20% while revenue will be flat, Investor Daily reported this morning.
Sukrisno, Timah’s president director, said the profit fall will be impacted by the fall in tin price.
Timah’s tin average selling price dropped to US$19,200 per ton, compared to US$26,000 per ton in the same period of last year. As a result, Timah’s tin revenue dropped 24.2% to Rp1.96 trillion in the first half of 2012, from previous Rp2.58 trillion.
Currently, tin price in London Metal Exchange (LME) reaches US$19,000-20,000 per ton.
Sukrisno said Timah expects to book net profit of Rp717 billion to Rp7.62 billion this year on revenue of Rp8.7 trillion. (hans@theindonesiatoday.com)