State-Owned Enterprise PT Timah Records Rp601 Billion Net Profit in Q1 2022
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PT Timah Tbk recorded a net profit of Rp601.47 billion in the first quarter of 2022.
This state-owned enterprise's net profit increased significantly by 5,715% (year-on-year/yoy) from Rp10.34 billion in the first quarter of 2021.
This rapid performance improvement was driven by revenue, which increased by 80% (yoy) from Rp2.45 trillion to Rp4.39 trillion in the first quarter of 2022.
Sales of the company, with stock code TINS, were boosted by high commodity prices.
The average selling price of tin was recorded at US$43,946 per Mton throughout the first quarter of 2022, up 76% (yoy) from US$24,992 per Mton in the first quarter of the previous year.
The high tin price was able to offset the decrease in production and sales. TINS' tin metal production in the first quarter of 2022 fell by 8% (yoy) to 4,820 Mton, and sales fell by 4% (yoy) to 5,703 Mton.
As of the first quarter of 2022, the company's assets were recorded at Rp14.4 trillion, with liabilities of Rp7.4 trillion and equity of Rp7 trillion.
"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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