JAKARTA (Yosefardi) – State tin producer PT Timah Tbk (TINS) reported 62% drop in net profit to Rp141.02 billion in first nine months of this year, from Rp369.92 billion in the same period of last year.
Revenues fell 35% to Rp3.89 trillion from previous Rp6.01 trillion. Cost of revenues reached Rp3.25 trillion. Tin-in-concentrate production declined 29% to 17,264 tons from earlier 24,375 ton. Refined tin production was 16,088 mton or 31% lower than 23,255 mton a previous year.
Refined tin sales volume reached 15,227 mton, decreased by 43% from previous 26,921 mton. Up to the third quarter of 2013 global refined tin price average in LME is US$ 22,086 per ton, while the inventory level on the begining of year was 12,675 mton and by end of the first nine month was 13,240 mton.
The average refined tin price received by company by the end of third quarter 2013 was US$22,455 per mton or 4% higher than the average price received on last year same period of US$21,523 per mton.
Its assets totaled Rp6.59 trillion while liability amounted Rp4.48 trillion. The company has cash and cash equivalent of Rp771.23 billion.