Jakarta, 29 March 2012,
PT Timah (Persero) Tbk reported today its Consolidated
Financial Statement of the year ended 31 December 2011 Rp. 896.8 Billion or Rp. 178.2,-
per share which was 5% lower than that of 2010 net profit of Rp.947.9 Billion or Rp. 188.3,-
per share. The lower on net profit was basically due to world refined tin price instability that
occurs on second half of 2011 and finaly resulted in decline of sales volume that is a part of
moratorium refined tin export from Bangka Belitung when the price was dropped to below
US$ 19,000/mton on October 2011 which was actualy lower than production cost.
The “moratorium movement” was a protest from Indonesian tin producer againts trader who
used economic crisis in Europ to decrease global refined tin price. Fundamentally, dropped
in tin price was not sufficiently reasoned because stock in LME was very low and Indonesia
production was also low due to monsoon.
During moratorium, the company has stopped all spot sales while contract sales remained in
served especialy to the loyal customer
Financial Statement of the year ended 31 December 2011 Rp. 896.8 Billion or Rp. 178.2,-
per share which was 5% lower than that of 2010 net profit of Rp.947.9 Billion or Rp. 188.3,-
per share. The lower on net profit was basically due to world refined tin price instability that
occurs on second half of 2011 and finaly resulted in decline of sales volume that is a part of
moratorium refined tin export from Bangka Belitung when the price was dropped to below
US$ 19,000/mton on October 2011 which was actualy lower than production cost.
The “moratorium movement” was a protest from Indonesian tin producer againts trader who
used economic crisis in Europ to decrease global refined tin price. Fundamentally, dropped
in tin price was not sufficiently reasoned because stock in LME was very low and Indonesia
production was also low due to monsoon.
During moratorium, the company has stopped all spot sales while contract sales remained in
served especialy to the loyal customer
Operational Highlight
The highest global refined tin price during 2011 was US$ 33,255 /Mton and the lowest was US$ 18,610/Mton with the average of US$ 26,021/Mton, 27% increased from 2010 global average tin price which was US$ 20,447/Mton. Meanwhile, the exchange rate was relatively stronger. The US Dollar rate on 2011 and 2010 was Rp 8,757/US$ and Rp 9,169/US$ respectively.
Production of refined tin on 2011 was 38,132 mton, or 6% lower than that of 2010 production of 40,412 mton. Declining in refined tin production volume is caused by lower sales volume on second semester.
Tin ore production on 2011 was 37,486 ton Sn, relatively equal to 2010 production which was 37,615 ton Sn. Tin ore contribution from onshore mining was 19,136 ton Sn or 11% higher than 2010 production of 17,172 ton Sn. Meanwhile, tin ore production from offshore operation was 10% decreased to 18,351 ton Sn from last year production which was 20,444.
The highest global refined tin price during 2011 was US$ 33,255 /Mton and the lowest was US$ 18,610/Mton with the average of US$ 26,021/Mton, 27% increased from 2010 global average tin price which was US$ 20,447/Mton. Meanwhile, the exchange rate was relatively stronger. The US Dollar rate on 2011 and 2010 was Rp 8,757/US$ and Rp 9,169/US$ respectively.
Production of refined tin on 2011 was 38,132 mton, or 6% lower than that of 2010 production of 40,412 mton. Declining in refined tin production volume is caused by lower sales volume on second semester.
Tin ore production on 2011 was 37,486 ton Sn, relatively equal to 2010 production which was 37,615 ton Sn. Tin ore contribution from onshore mining was 19,136 ton Sn or 11% higher than 2010 production of 17,172 ton Sn. Meanwhile, tin ore production from offshore operation was 10% decreased to 18,351 ton Sn from last year production which was 20,444.
Financial Performance
The company’s gross profit in 2011 was Rp1,973.3 Billion or 3% higher than that of same
period in 2010 which was Rp 1,924.1 Billion and cost of goods sold of refined tin was 5%
decreased from Rp 7,260.7 billion on 2010 to Rp 6,868.5 billion this year.
Profit before tax is 13% increased copare to last year same period which was Rp1,127.3
billion to Rp 1,268.1 billion on 2011.
The company’s total asset increased by 11% from Rp 5,881.1 billion to Rp 6,569.8 Billion.
The increased was mainly due to the increased in current inventory by 36% from Rp 1,802.7
billion on 2010 to Rp 2,447.0 Billion on 2011.
Account payable increased by 10% over the previous year amounted to Rp 1,269.5 billion to
Rp. 1,422.0 billion. Total equity increased 11% to Rp. 4,597.8 billion in 2011 compared to
Rp 4,203.1 billion in 2010.
The company’s gross profit in 2011 was Rp1,973.3 Billion or 3% higher than that of same
period in 2010 which was Rp 1,924.1 Billion and cost of goods sold of refined tin was 5%
decreased from Rp 7,260.7 billion on 2010 to Rp 6,868.5 billion this year.
Profit before tax is 13% increased copare to last year same period which was Rp1,127.3
billion to Rp 1,268.1 billion on 2011.
The company’s total asset increased by 11% from Rp 5,881.1 billion to Rp 6,569.8 Billion.
The increased was mainly due to the increased in current inventory by 36% from Rp 1,802.7
billion on 2010 to Rp 2,447.0 Billion on 2011.
Account payable increased by 10% over the previous year amounted to Rp 1,269.5 billion to
Rp. 1,422.0 billion. Total equity increased 11% to Rp. 4,597.8 billion in 2011 compared to
Rp 4,203.1 billion in 2010.
PT Timah (Persero) Tbk reported today its Consolidated
Financial Statement of the year ended 31 December 2011 Rp. 896.8 Billion or Rp. 178.2,-
per share which was 5% lower than that of 2010 net profit of Rp.947.9 Billion or Rp. 188.3,-
per share. The lower on net profit was basically due to world refined tin price instability that
occurs on second half of 2011 and finaly resulted in decline of sales volume that is a part of
moratorium refined tin export from Bangka Belitung when the price was dropped to below
US$ 19,000/mton on October 2011 which was actualy lower than production cost.
The “moratorium movement” was a protest from Indonesian tin producer againts trader who
used economic crisis in Europ to decrease global refined tin price. Fundamentally, dropped
in tin price was not sufficiently reasoned because stock in LME was very low and Indonesia
production was also low due to monsoon.
During moratorium, the company has stopped all spot sales while contract sales remained in
served especialy to the loyal customer
Financial Statement of the year ended 31 December 2011 Rp. 896.8 Billion or Rp. 178.2,-
per share which was 5% lower than that of 2010 net profit of Rp.947.9 Billion or Rp. 188.3,-
per share. The lower on net profit was basically due to world refined tin price instability that
occurs on second half of 2011 and finaly resulted in decline of sales volume that is a part of
moratorium refined tin export from Bangka Belitung when the price was dropped to below
US$ 19,000/mton on October 2011 which was actualy lower than production cost.
The “moratorium movement” was a protest from Indonesian tin producer againts trader who
used economic crisis in Europ to decrease global refined tin price. Fundamentally, dropped
in tin price was not sufficiently reasoned because stock in LME was very low and Indonesia
production was also low due to monsoon.
During moratorium, the company has stopped all spot sales while contract sales remained in
served especialy to the loyal customer