PT Timah Tbk posts Rp601 billion profit in first quarter

Jakarta (ANTARA) - State-owned tin mining company PT Timah Tbk announced that its net profit soared 5,713 percent to Rp601 billion in the first quarter of 2022 as compared to Rp10 billion during the same period last year.

The surge in net profit resulted from the rising tin prices and the company's effective policy to curb its operating costs, PT Timah Finance Director Krisna Sjarif noted in a press statement here on Thursday.

"Low-cost tin ore production from offshore mining will continuously be increased to maintain the optimum profit margin," he remarked.

During the January-March 2022 quarter, PT Antam posted an income of Rp4.4 trillion, increasing 80 percent as compared to the same quarter of 2021.

As a result, the operating profit skyrocketed 575 percent to reach Rp885 billion, from Rp131 billion during the same quarter last year.

The company's profitability hike was also apparent from its earnings before interest, taxes, depreciation, and amortization (EBITDA) that soared 213 percent to touch Rp1.1 trillion as compared to Rp347 billion earlier, he stated.

However, PT Timah's assets were valued at Rp14.4 trillion, down two percent as compared to Rp14.7 trillion late last year.

Meanwhile, its liabilities fell 12 percent to Rp7.4 trillion, from Rp8.4 trillion in late 2021. Equities rose 11 percent to Rp7 trillion, from Rp6.3 trillion at the end of 2021.

PT Timah produced 4,508 metric tons of tin ore in the first quarter of 2022, down 11 percent from the same period last year when the figure was recorded at 5,220 metric tons.

Tin sales dropped four percent to reach 5,703 metric tons as compared to 5,912 metric tons in the same period last year.