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Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

Adi Ahdiat 10/11/2022 09:40 WIB

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Despite a decrease in production and sales, PT Timah Tbk achieved increased profits due to a rise in the average selling price of tin during January-September 2022.

PT Timah's Revenue, Expenses, and Profit for January-September (2021-2022)

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Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

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PT Timah's Revenue, Expenses, and Profit for January-September (2021-2022)

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From the beginning of the year to the end of the third quarter of 2022, PT Timah Tbk (TINS) recorded a net profit of Rp1.14 trillion, an increase of approximately 87% compared to the same period last year.

"This increase in the company's performance was driven by the increase in the selling price of tin, efficiency throughout the business chain, a decrease in interest-bearing debt, and the consistent improvement in the performance of subsidiaries in the non-tin segment," said PT Timah Tbk management in an Information Disclosure report on the Indonesia Stock Exchange, Tuesday (8/11/2022).

During the January-September 2022 period, PT Timah Tbk's tin ore production reached 14,502 tons, down 19% compared to January-September of the previous year.

Tin metal production then decreased by 26% to 14,130 metric tons, and tin metal sales volume decreased by 20% to 15,325 metric tons in the same period.

Despite the decrease in production and sales, PT Timah Tbk managed to achieve an increase in profit because the average selling price of tin metal in the January-September 2022 period reached US$35,026 per metric ton, up 16% from the same period last year.

"The company is optimistic that it can record positive performance until the end of 2022. The company will continue to consistently implement efficiency throughout the business chain, and encourage improved performance of subsidiaries," said Fina Eliani, Finance and Risk Management Director of PT Timah Tbk.

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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Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

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Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

Tin Prices Rise, PT Timah's Profit Soars Through Q3 2022

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