The performance of PT Timah Tbk (TINS) throughout the first quarter of 2012 looks sluggish. Net
income in the first three months TINS 2012 fell 41% to $ 207.7
billion over the same period the previous year which amounted to Rp
354.7 billion.
In
a press statement by the company on Tuesday (1/5), it may cause a
decline in earnings per share to $ 41 over the same period the previous
year which amounted to Rp 71 per share.
Decrease
in net income was due to the average price melorotnya tin due to the
abundant supply of tin from tin producing countries in Asia other than
Indonesia. The highest price of tin is U.S. $ 25.650 / Mton on 8 February last and lowest was U.S. $ 19.415 / Mton on Jan. 5. The average price in the first quarter of 2012 was U.S. $ 22.941 / Mton.
While
the average price received by the company during the first quarter of
2012 was U.S. $ 23.101/Mton, 22% lower than the average price last year
during the same period amounting to U.S. $ 29.695/Mton.
Furthermore,
revenues from sales in the first quarter of 2012 decreased 3% to Rp
2.17 trillion over the same period the previous year which reached Rp
2.24 trillion. Not
only that, cost of revenues also increased by 7% to Rp 1.7 trillion
from Rp 1.6 trillion previously in the same period last year.
The company's total assets is $ 6.4 trillion, down 2% from last year's total assets of Rp 6.5 trillion.
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