Yunnan Tin Company has reported a six-fold increase in net profit in the first quarter of 2007 and forecasts a more than seven-fold rise in profit in the first half of the year.
January-March net profit was 126 million yuan (US$16 million), while turnover doubled to 1.66 billion yuan ($215 million). Export prices increased by 60% while domestic prices rose 23% in the period, the company said. Refined tin sales in the period rose 65% to 9,224 tonnes.
The group’s Singapore Tin Industries joint-venture reported a loss of $287,000 in the quarter, due to a shortage of raw material feed. The Singapore plant’s refined tin production dropped to only 426 tonnes in the three months. YTC owns 42% of STI.
