BUSINESS SITUATION
The highest refined tin price in LME on the
first semester 2011 was US$ 33,255/mt
and the lowest was US$ 24,600/mt with
the average price of US$ 29,337/mt, or
67% higher than that on the same period
in 2010 of US$ 17,529/mt.
- Global demand of refined tin expected to continue to rise over the next few years. Moreover, global refined tin consumption on 2011 is estimated 2% higher than last year the same period.
- Company seek to increase revenue by focusing on premium tin sales as well as downstream product development.
PRODUCTION AND SALES:
>Company seek to reduce dependence from onshore mining by increasing offshore production
capacity. Meantime, company is constructing new type of dredge called Bucket Wheel Dredge
(BWD) with better technology that able to mine deeper compare to our existing Bucket Line Dredge (BLD) in order to support company management strategic plan to go offshore go deeper.
>Tin ore production volume from offshore operation during first semester is 8,255 ton Sn, 9%
decreased from the same period in 2010 which is 9,085 ton. Sn. Meanwhile, tin ore production from onshore operation is 9,446 ton Sn or 11% higher than that of the same period in 2010 of 8,503 ton. Sn.
>Refined tin production by the end of June 2011 is 18,455 mton while refined tin production on first semester 2010 is 19,501 mton.
>Refined tin sales on the first half 2011 is 17,457 mton or 12 % lower than that of same period in
2010 which was 19,760 mton.
FINANCIAL
Refined tin price average received by the company during the first half 2011 is US$ 29,541 which
is 69% higher than that of the same period in 2010 of US$17,529.
Company consolidation income on first semester 2011 is Rp 4,830 billion or 29% higher than the
same period on 2010 was Rp3,749 billion. Gross profit and net income on first semester 2011 is
Rp 1,253 billion and Rp 689 billion respectively. While gross profit and net income on first half
2010 was Rp 689 billion and Rp 322 billion respectively.
The company balance sheet for period ended of 30 June 2011, amount of total assets Rp 6,528
billion or 11% higher, compared with the position on 31 December 2010 which was Rp 5,881 billion. Increase in value of these assets is also accompanied by an ascension of current liabilities to 32%. Value of current liabilities on 30 June 2011 is Rp 1,675 billion and the same value of debt on 31 December 2010 is Rp 1,269 billion.