PT Timah expects its first half net profit to soar more than 10 times compared with Rp 42.9 billion in the same period last year on higher prices and sales volume, Finance Director Krishan Syarif told Dow Jones Newswires. The Indonesian state-controlled tin producer reported a first quarter 2010 net profit of Rp 141.8 billion (US$ 15 million).
Timah’s sales are forecast to be 24,000 tonnes in January-June 2010 and 49,000 tonnes in the full year. The projected volumes are very similar to the corresponding figures for last year of 24,110 tonnes for January-June and 49,240 tonnes for the full year. However average realized prices should be significantly higher.
