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Timah profit soars 48% on efficiency
Publicly listed PT Timah (TINS), the countryâs biggest tin miner, booked a 48 percent increase in its net profit to Rp 203 billion (US$17
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ublicly listed PT Timah (TINS), the country's biggest tin miner, booked a 48 percent increase in its net profit to Rp 203 billion (US$17.6 million) in the first semester of 2014 as the company took cost efficiency measures and on the back of higher tin prices.
Timah corporate secretary Agung Nugroho said on Wednesday that Timah's performance in the first semester this year was helped by a cut in its non-production costs and an increase in tin prices to $23,193.
Timah withheld its sales in the first quarter of 2014 because the commodity's price traded at about $21,000 to $22,000, which impacted its unimpressive performance in the first quarter of this year, and said that it would not start selling unless prices reached at least $23,000 per metric ton.
During the January-June period, the company booked Rp 2.75 trillion in revenue, a 7.7 percent increase compared to the same period last year, Agung said. Timah also recorded a 41 percent increase in its production to 14,352 tons from 10,187 tons year-on-year.
To maintain its financial performance, he added, Timah would continue to push for efficiency efforts in all lines, which include the reduced use of fossil fuels and a shift to gas fuel in an attempt to save on operational costs.
'We have strategies to trim costs, among which is to switch to gas [fuel] to substitute on the more expensive fuel energy [fossil fuel],' Agung explained.
Shares in Timah rose 0.75 percent on Wednesday following the first half financial performance announcement, closing at Rp 1,345. The stocks have risen 24 percent so far this year, outperforming the broader Jakarta Composite Index's (JCI) 19.16 percent advance.
