Tin Prices Drop, TINS Net Profit Drops To 98.5 Percent

Illustration of the Rupiah (Photo: Doc. Antara)

JAKARTA - BUMN Holding MIND ID Company PT Timah Tbk (TINS) posted a profit for the current year of IDR 16.2 billion in Semester I-2023. This achievement fell by 98.5 percent compared to the first semester of 2022 which amounted to IDR 1.08 trillion.

The company also recorded revenues of IDR 4.57 trillion in the second quarter of 2023. thus producing EBITDA worth IDR 533.6 billion.

Director of Finance and Risk Management of TINS Fina Eliani revealed that the company posted sales volume of 8,307 metric tons in the second quarter of 2023.

"The condition of the average selling price of tin metal and unfavorable weather until the first semester of 2023, is still the cause of the decline in tin production which eroded the company's net profit. Currently, creditors' trust or financial institutions in the company is still strong," said Fina.

During the second quarter of 2023, the company recorded lead ore production of 7,755 tons, or 78 percent was achieved compared to the previous 9,901 tons in the same period in 2022.

Meanwhile, the company's lead metal production was recorded at 8,100 metric tons in the second quarter of 2023, or 92 percent was achieved compared to the same period the previous year of 8,805 metric tons.

Then, tin metal sales were recorded at 8,307 metric tons in the second quarter of 2023, or 84 percent was achieved compared to the same period the previous year of 9,942 metric tons.

Meanwhile, the average selling price of lead metal is 26,828 per metric tonne per US dollar, or 35 percent lower than the same period the previous year of 41,110 per metric ton per US dollar.

During the second quarter of 2023, the company recorded lead exports of 92 percent with the top six export destination countries, which included Japan 17 percent, South Korea 14 percent, the Netherlands 11 percent; the United States 9 percent, Taiwan 9 percent, and India 8 percent.

In the second quarter of 2023, the company's asset value was recorded at IDR 12.80 trillion, while the liabilities position was IDR 6.12 trillion, or an increase of 2 percent year on year (yoy) compared to the position at the end of 2022 of IDR 6.02 trillion.

Meanwhile, the equity position was recorded at Rp6.68 trillion, down 5 percent (yoy) compared to the position at the end of 2022 which was Rp7.04 trillion, in line with the dividend distribution being reserved.

Then, bank loans and bond debt fell to IDR 2.72 trillion in the second quarter, 2023 from the previous IDR 2.77 trillion in the same period in 2022.