Aug 30, 2010

Timah 1H net profit sky rockets 653%

State-owned tin miner PT Timah Tbk (TINS) today reports a 653.04% jump in net income in the first half of this year on the back of higher refined tin average and lower cost of goods sold (COGS).
In the first half financial report submitted to Indonesia Stock Exchange (IDX), Timah booked Rp322.3 billion net profit in the first half of this year from Rp42.8 billion a year earlier.
The company obtained 45% higher refined tin average from US$12,087 to US$17,529. Timah produced 19,502 metric tons of refined tin in the first half of this year and 19,760 metric tons of sales. It produced 19,376 metric tons of refined tin in the first half of last year and 24,321 metric tons of sales.
The company's EBITDA sky rocketed 1,000.4% from Rp50 billion in the first half of last year to Rp550.2 billion.
Operating profit jumped 140.10% from Rp172.8 billion in the first half of last year to Rp414.9 billion.
Timah posted 3.16% lower cost of goods sold from Rp3.16 trillion to Rp3.06 trillion in the first half of this year. Sales slightly increased 5.93% from Rp3.54 trillion in the first half of last year to Rp3.75 trillion.

Disclosure: No position at the stock mentioned above.

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