PT Timah's net profit jumped six percent to Rp531 billion

PT Timah's net profit jumped six percent to Rp531 billion

PT Timah Director Mochtar Riza Pahlevi (center) at a general meeting of PT Timah's shareholders for 2018 in Jakarta on Tuesday (23/4/2019). (Babel.Antaranews.com/Aprionis)

Jakarta (ANTARA) - State-owned tin mining company PT Timah recorded net profit of Rp531.35 billion in 2018, a six percent rise than the year before.

"PT Timah was successful in boosting its performance by booking a six percent increase in its net profit (last year) than that of 2017," PT Timah Director Mochtar Riza Pahlevi noted at a general meeting of PT Timah's shareholders for 2018 in Jakarta on Tuesday.

A decision was taken at the general meeting of PT Timah's shareholders to disburse dividends worth Rp115.97 billion, or 35 percent of the profit, to shareholders and keep Rp345.38 billion as reserves. The dividend per share is Rp24.97.

"A consistent application of the strategy to step up performance is apparent from the improvements in financial and operational performance," he pointed out.

Pahlevi drew attention to PT Timah's last year spending of Rp185 billion on capital expenditure that was apportioned to enhance engine and installation capacity, facilities to support production, reconditioning and replacement, and development of fuming technology.

"The fuming technology is utilized for developing a fuming smelter for reprocessing tin slag that the existent furnace cannot take," he noted.

Apart from the development of fuming technology , PT Timah has also planned on using ausmelt technology for processing tin ore to increase lead content between 40 percent and 60 percent

"We are upbeat of PT Timah boosting its performance in 2019 coupled with its commitment to uphold good mining governance in Indonesia, chiefly government regulations," he affirmed.

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