Mar. 17 -- Indonesian tinplate producer PT Pelat Timah Nusantara (Latinusa) reported a 79 % year-on-year rise in net profit to Rp75 billion (US$8.3 million) in 2010. The increase in net profit was attributable to strong sales which were recorded at Rp1.4 trillion last year, its finance director Erwin told Asia Pulse. Erwin said Latinusa sold 106,000 tonnes of tinplate last year, a 17 per cent rise from 2009. The company is finishing a project to expand its production capacity to 160,000 tons from 130,000 tons at present with an additional investment of US$14 million, he said. The market is still wide open for tinplate in the country, with domestic demand for around 200,000 tpy he added.
Previously the company has also said it would aim to increase exports to Australia. State-owned Krakatau Steel has a 20% share in Latinusa, which raised money for its expansion via an IPO in 2009. Last November, a Japanese consortium led by Nippon Steel purchased a 55% share in the company.