Tin Metal Prices Are Pressured, TINS Records A Loss Of IDR 87.45 Billion Years

Tin illustration (Photo: dock. Antara)

JAKARTA - PT Timah Tbk (TINS) reported that up to the third quarter of 2023, world tin metal prices continued to be depressed due to the strengthening of the US currency and the slow recovery of China's economy and weak demand for tin due to the high supply of LME.

This has an impact on the decline in Indonesia's tin exports from the second quarter of 2023 to the third quarter of 2023, especially TINS tin exports to several countries.

Director of Finance and Risk Management of PT Timah Tbk Fina Eliani revealed, tin metal sales amounted to 11,100 metric tons or 72 percent were achieved compared to the same period the previous year of 15,325 metric tons.

"Meanwhile, the average selling price of lead metal is US$27,017 per metric ton or 23 percent lower than the same period the previous year of US$35,026 per metric ton," he said in a Public Expose, Tuesday, November 28.

Meanwhile, the company managed to record revenue of Rp6.4 trillion, resulting in EBITDA of Rp708.1 billion with a current year loss of Rp87.4 billion until the third quarter of 2023.

The equity position was IDR 6.6 trillion, down 5.7 percent compared to the position at the end of 2022 of IDR 7.0 trillion in line with the distribution of dividends that had been paid of IDR 312.5 billion.

The Company's financial indicators still show good results, as can be seen from several important financial ratios including Quick Ratio by 25 percent, Current Ratio by 153 percent, Debt to Asset Ratio by 23 percent, and Debt to Equity Ratio by 44 percent.

"In the midst of the economic slowdown and the weak demand for global tin metals, the Company is consistent in carrying out efficiency in all lines of business. Management is optimistic that its efficiency targets will be achieved and contribute to the Company's performance," concluded Fina.