Tin Price
The increase in net profit is due to increasing the world average price of tin metal along with the recovery in consumer purchasing power especially on the electronic sector and wolrd public awareness to avoid raw material lead used that unsuitable to have direct contact with human. The highest world refined tin price was US$ 32,550/Mton on 2 February 2011 and the lowest was US$ 26,095/Mton on 4 January 2011. While the average price during first quarter 2011 was US$ 29,950/Mton.
The average price received by the company during the first quarter 2011 was US$ 29,695/Mton which is 75% higher than that of last year same period which was US$ 16,970/mton. Meanwhile, the average exchange rate was 4% lower than that of same period in last year, from Rp9,296 to Rp 8,939 per US Dollar.
Operation Performance
Refined tin sales volume during the first quarter 2011 was 18% decreased from 9,770 Mton on the first quarter 2010 to 7,992 Mton.
Production of refined tin is decreased from 9,266 Mton on the first quarter 2010 to 8,503 Mton on the first quarter 2011 or 8% lower. However, total tin-in-concentrate production during first quarter 2011 is 10% increased from 7,397 on first quarter 2010 to 8,129 ton sn on the same period in 2011. Factors affecting the increase in ore production is higher production of ore from offshore mines which was 3,476 ton or 61% higher than that of the production on the last year same period, which was 2,156 ton sn.
Ore production from onshore mines during first quarter 2011 is slightly decreased compare to last year same period production from 5,241 ton Sn to 4,653 ton Sn.
Financial Performance
Revenue from sales during first quarter 2011 is Rp 2,248.9 Billion or 23% higher than same period in 2010 of Rp 1,835.4 Billion.
Moreover, refined tin cost of good sold is 9% increased from Rp 1,465.6 Billion on the same period in previous year to Rp 1,604.5 Billion on the first quarter 2011. While non tin cost of good sold is 57% decreased along with the increasing contribution of non-tin sales.
Total asset on the first quarter 2011 is Rp 6,074.1 Billion or 3% increased from last year total asset which was Rp 5,881.1 Billion.
Company total liabilities is Rp 1,520.3 Billion or 10% lower than last year which was Rp 1,678.1 Billion. Decrease in use of working capital loans from banks is enough to contribute to the decrease of corporate liabilities.
Equity is 8% increased to Rp 4,553.8 Billion in connection with amounts attributable to equity owners.
Tins Share Performance (TINS)
During first quarter 2011, tins shares price moved from the lowest level of Rp 2,500 to the highest of Rp 2,925 per share. Market Cap by the end of first quarter 2011 was Rp 13.96 trillion with the number of issued shares of 5,033 million shares.
The following are performance summary, including unaudited consolidated income statement, balance sheet and cash flow of PT Timah (Persero) Tbk and its subsidiaries for period ended 31 March 2011.
For more information, contact: Abrun Abubakar, Corporate Secretary Tel : +62 21 2352 8000 Fax: +62 21 344 4012 Email: corsec@pttimah.co.id www.timah.com
Editor: PR Wire
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