Although its sales fell by 18% year-on-year in volume terms in the quarter to end-March, Indonesia’s PT Timah reported a 150% increase in net profit in the period as a result of high prices. The company’s average selling price in January-March was US$29,695/tonne, 75% higher than in the same period of 2010. Net profit was Rp 354.7 billion (US$39.7 million). Average margin per tonne of tin more than doubled compared to Q1 2010 to $6,970, despite a 66% year-on-year rise in average delivered cost per tonne to $22,725.
The fall in refined tin sales to 9,770 tonnes in the quarter was a function of seasonal factors and the fact that Timah carried lower stocks of metal and raw materials at the start of this year. Refined tin production declined 8% year-on-year to 8,503 tonnes, while mine production of tin-in-concentrate was up 10% to 8,129 tonnes. The latter rise was entirely due to higher offshore production, which jumped 61% to 3,476 tonnes while onshore production fell slightly to 4,653 tonnes.
