Tin producer PT Timah Tbk (TINS) estimates to post Rp627 billion net income at end of last year, a 100% jump from Rp313.75 billion a year earlier, underpinned by higher profit margin.
Timah Corporate Secretary Abrun Abubakar said the higher tin price benefited company last year. Timah price soared to US$18,000-US$19,000 per ton at end of last year from initial period of US$14,000 per ton.
"Our margin rose as the company's selling price increased, which in return doubled bottom line," he said as reported by Investor Daily today.
By end of 3Q 2010, Timah posted Rp5.6 trillion, a slight increase from the same period a year earlier. However, 3Q net income rose 178% to Rp475.4 billion.
Disclosure: No position at the stock mentioned above.
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