Yunnan Tin Co., the world’s biggest producer of the metal, posted a first-quarter loss of 112 million yuan ($16.4 million) because of slumping overseas orders and lower prices, Bloomberg reported. That compares with a profit of 167 million yuan a year earlier.
The latest results were announced in a statement to the Shenzhen Stock Exchange, following an earlier report that the company’s export orders had dropped by 70% in the quarter while sales were down 45% on the same period of 2008.
YTC, the listed arm of the Yunnan Tin Group, reported net profits of 26 million yuan in 2008 and 597 million yuan in 2007. Last year it produced 58,371 tonnes of refined tin. Its main smelter in Gejiu was closed from early December 2008 through to 8 February 2009.
