Indonesia’s state-owned tin enterprise, PT Timah reported that its audited 2010 net profit tripled to 948 billion Indonesian rupiahs (US$104 million) compared with a year earlier, as a result of higher global tin prices. Net profit was 18% higher than the company’s unaudited net profit of Rp 802.4 billion reported February. Operating cash flow (EBITDA) rose by 65% to Rp 1,393 billion (US$ 153 million), as margins on lower volume of sales and production rose sharply.
Sales of refined tin dropped by 18% to 40,507 tonnes. but Timah reported a 47% rise in its average realised price to $19,981/tonne. With average delivered costs per tonne last year recorded at $16,477/tonne, this gave a margin per tonne of $3,504.
Production of refined tin fell by 10% to 40,413 tonnes, as previously reported by the company, while production of tin-in-concentrates (including ore obtained from contractors/partners) dipped marginally by 0.2% to 37,616 tonnes. A 12% rise in offshore production to 20,444 tonnes, was offset by a 12% fall in inland mine production to 17,172 tonnes. Offshore production reached its highest absolute level and share in total output (54%) since 1997.
