Jakarta, 25 August 2011 (ANTARA) - PT Timah (Persero) Tbk reported today's its Company performance on first half 2011.
Business Situation:
* The highest refined tin price in LME on the first semester 2011 was US$ 33,255/mt and the lowest was US$ 24,600/mt with the average price of US$ 29,337/mt, or 67% higher than that on the same period in 2010 of US$ 17,529/mt.
* Global demand of refined tin expected to continue to rise over the next few years. Moreover, global refined tin consumption on 2011 is estimated 2% higher than last year the same period.
* Company seek to increase revenue by focusing on premium tin sales as well as downstream product development.
Production and Sales:
* Company seek to reduce dependence from onshore mining by increasing offshore production capacity. Meantime, company is constructing new type of dredge called Bucket Wheel Dredge (BWD) with better technology that able to mine deeper compare to our existing Bucket Line Dredge (BLD) in order to support company management strategic plan to go offshore go deeper.
* Tin ore production volume from offshore operation during first semester is 8,255 ton Sn, 9% decreased from the same period in 2010 which is 9,085 ton. Sn. Meanwhile, tin ore production from onshore operation is 9,446 ton Sn or 11% higher than that of the same period in 2010 of 8,503 ton. Sn.
* Refined tin production by the end of June 2011 is 18,455 mton while refined tin production on first semester 2010 is 19,501 mton.
* Refined tin sales on the first half 2011 is 17,457 mton or 12 % lower than that of same period in 2010 which was 19,760 mton.
Financial:
* Refined tin price average received by the company during the first half 2011 is US$ 29,541 which is 69% higher than that of the same period in 2010 of US$17,529.
* Company consolidation income on first semester 2011 is Rp 4,830 billion or 29% higher than the same period on 2010 was Rp3,749 billion. Gross profit and net income on first semester 2011 is Rp 1,253 billion and Rp 689 billion respectively. While gross profit and net income on first half 2010 was Rp 689 billion and Rp 322 billion respectively.
* The company balance sheet for period ended of 30 June 2011, amount of total assets Rp 6,528 billion or 11% higher, compared with the position on 31 December 2010 which was Rp 5,881 billion. Increase in value of these assets is also accompanied by an ascension of current liabilities to 32%. Value of current liabilities on 30 June 2011 is Rp 1,675 billion and the same value of debt on 31 December 2010 is Rp 1,269 billion.
Annual General Meeting of Shareholder
* On June 2011, the corporate conduct AGMS, and one result on its decisions is the determination of devidend, 50% of the net profit or Rp. 94.17 per share. Total cash dividends is Rp. 473,968,000,000.- paid in cash on 4 August 2011.
* 65% from the dividend of Rp. 308,079,200,000.- is paid to Republic of Indonesia government and 35% is paid to public shareholder which is Rp. 165,888,800,000.-
Tins Shares [ tins ]
* On the first semester 2011, tin shares price fluctuated on the highest position at Rp 2,925.- and the lowest Rp 2,375.- per share. On 30 June 2011 ths closing price was Rp 2.500 slightly decreased compared to the opening price on 3 January 2011 of Rp 2,850.-
PT Timah (Persero) Tbk and Subsidiaries
Summary of Operation Performance on 2nd Quarter and 1st Semester of 2011 and 2010
2nd Quarter 1st Half
2011 2010 2011 2010
Production
* Earth Moved - m3
* Onshore 1,120,942 1,154,573 2,015,870 2,168,077
* Offshore 7,769,139 8,968,309 15,021,906 17,941,535
Total 8,890,081 10,122,882 17,037,776 20,109,612
* Tin-in-concentrate
- tonnes Sn
* Onshore 4,793 3,262 9,446 8,503
* Offshore 4,779 6,929 8,255 9,085
Total 9,572 10,191 17,701 17,588
* Refined Tin Production
- Mton 9,952 10,236 18,455 19,760
* Sales
Refined Tin Sales timah
- Mton 9,465 9,990 17,457 19,760
* Inventory
* Tin-in-concentrate
- tonnes Sn 1,294 1,757 1,294 1,757
* Slag - ton 5,363 6,888 5,363 6,888
* Refined - Mton 3,685 2,722 3,685 2,722
* Tin Solder - Mton 188 392 188 392
Performance Parameter
Exchange rate -end- Rp / US$ 8,597 9,083 8,597 9,083
Exchange rate -av - Rp /US$ 8,621 9,114 8,771 9,192
Tin Price Received -av-
US$/Mton 29,435 17,959 29,541 17,529
Production cost
- US$/Mton 22,426 15,288 22,136 14,118
Delivered cost
- US$/Mton Timah 24,294 16,495 23,676 15,123
Delivered Cash cost
- US$/Mton 24,664 15,591 22,876 14,289
Margin per ton - US$ 5,141 1,465 5,865 2,406
For Further Information please contact:
Abrun Abubakar, Corporate Secretary
Tel : +62 21 2352 8000
Fax : +62 21 344 4012
Email: corsec@pttimah.co.id
www.timah.com
Reporter: Adityawarman
Editor: PR Wire
Copyright © ANTARA 2011
