JAKARTA - President Director of PT Timah Tbk Ahmad Dani Virsal revealed the reason his company suffered losses of up to Rp450 billion to Commission VI of the Indonesian House of Representatives. Whereas previously in 2022 PT Timah earned a profit of Rp1.04 trillion and in 2022 it was Rp1.3 trillion.
Dani explained that the company's declining financial performance was caused by a decrease in tin ore production by 26 percent to 14,855 tons compared to 2022 which reached 20,079 tons.
"The year 2022 is also lower than 2021. So the last three years have continued to decline (production)," he said at a Hearing Meeting (RDP) with Commission VI of the DPR, Tuesday, April 2.
He also said that tin metal production in 2023 was also recorded at only 15,340 metric tons (MT) or decreased by 23 percent compared to 2022 which reached 19,825 MT or 2021 by 26,465 MT.
On the other hand, tin sales also fell 31 percent from 20,805 MT in 2022 to only 14,385 MT in 2023.
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Meanwhile, the average price of tin metal also decreased to US$26,583 per metric ton.
The decline in tin production and prices then had an impact on the company's financial performance, which was recorded to only record revenue of Rp. 8.3 trillion from the previous year's Rp. 12.5 trillion.
"In terms of financial performance, because there is a decrease in metal sales volume and because there is a decrease in the selling price of metal, the company's revenue has also decreased. So the peak burden is fixed, the cost is fixed, but our income has decreased considerably because production has also decreased," he said.
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