Feb. 10 -- PT Timah produced 40,413 metric tonnes of refined tin last year, a decrease from 45,086 tonnes in 2009, the company’s President Director Wachid Usman said in a presentation paper to the Indonesian parliament in Jakarta today. Sales were 40,302 tonnes in 2010 compared with 49,240 tonnes the year before. The data confirms public comments made by the company’s senior executives since last October that production had fallen below target due to adverse weather and other factors.
Timah posted an unaudited net profit of IDR802.4 billion (US$89.5 million), more than double the year-ago figure of IDR313.75 billion thanks to higher average selling prices. "Our average selling prices were around $19,000 per tonne last year, compared with about $16,000 a tonne in 2009," according to the document submitted to parliament. The document also showed unaudited sales rose to IDR8.3 trillion in 2010 from IDR7.7 trillion, despite the lower sales volume "Tin prices are likely to remain high this year on tight supply," Usman said to parliament.
Timah plans to allocate 1.23 trillion rupiah (US$137 million) for capital spending this year, including to fund expansion at its tin chemical plant, Usman said. The company is expected to announce its audited financial performances and full operating details in March.