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Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

Adi Ahdiat 03/04/2024 13:24 WIB

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PT Timah Tbk reported a net loss of Rp449.7 billion in 2023, impacted by weakening global market conditions and illegal mining practices.

PT Timah Tbk's Year-to-Date Profit/Loss (2019-2023)

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Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

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PT Timah Tbk's Year-to-Date Profit/Loss (2019-2023)

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PT Timah Tbk (TINS) reported a net loss of approximately Rp449.67 billion in 2023.

This is a reversal from the previous year, when they recorded a profit of Rp1.04 trillion in 2022.

This shift from profit to loss coincided with a decline in revenue.

PT Timah Tbk's revenue in 2023 reached Rp8.39 trillion, a 32.9% year-on-year (yoy) decrease compared to Rp12.50 trillion in 2022.

According to the company's official statement, their performance declined due to several factors, ranging from global market conditions to illegal mining.

"The global and domestic economic conditions, which have not yet improved, and the weak global demand for tin metal amid illegal mining activities have impacted the company's performance in 2023," said Fina Eliani, Finance and Risk Management Director of PT Timah Tbk, in a press release on Thursday (March 28, 2024).

Not only in terms of finances, but TINS's production performance also weakened.

In 2023, TINS produced 14,855 tons of tin ore, a 26% yoy decrease compared to 20,079 tons in 2022.

TINS's tin metal production volume also decreased by 22.6% yoy from 19,825 metric tons in 2022 to 15,340 metric tons in 2023.

PT Timah Tbk's management stated that they will improve their production performance in 2024 through the addition of mining equipment, the opening of new locations, and a continuous efficiency program.

"Management is optimistic that the company's performance this year will be better in line with the target," said Fina.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

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Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

Illegal Mining Impacts PT Timah, Resulting in Rp449 Billion Loss in 2023

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