Jakarta, August 30, 2017 ‐ Excellent performance in the first half of 2017 puts TINS as one of the listed mining companies with attractive prospect in the year of 2017. Compared to the same period last year, TINS recorded an increase in refined tin production by 56.56% to 14,905 Mt. This definitely has a positive impact on TINS financial performance. When financially compared to the first half of 2016, the Company's revenue increased 53.83% to Rp4.30 trillion, while its profit increased 5.5x to Rp150.65 billion.
Our performance is now able to be sparkling because of the well‐executed operational strategy, which are: (1) Discovering new tin resources and tin reserves, both onshore and offshore, (2) Improving partnership management system, (3) Increasing the number of Cutter Suction Vessels (KIP) for offshore mining, (4) Innovation in smelter facilities to increase productivity, and of course (5) Increasing expertise in operation and production.
In the first half of 2017, the value of capital expenditure that has successfully been distributed approximately Rp675 billion. Recondition and replacement of production facilities took the largest portion of 47.79% or approximately Rp323 billion, capacity enlargement took 41.28% or approximately Rp279 billion, and supporting facilities took 7.63% or approximately Rp52 billion.
In addition to our tin ingot products sold at ICDX, TINS continues to push its downstream segment of tin chemical and tin solder. In the first semester of 2017 tin chemicals has successfully been distributed 2,124 tons or increased 149% (year‐on‐year), while tin solder has been distributed 386 tons or increased 27.81% (year‐on‐year).
For the main commodity of tin ingot, Finance Director Emil Ermindra believes that the production target of 32K ‐ 35K will be easily achieved in accordance with the Company's Work Plan, of course after seeing the achievement in the first half of 2017. "With the mature experience and expertise, TINS will surely grow into the best company in the tin industry," Emil said.
- In the first semester of 2017, TINS recorded net profit of Rp150.65 billion or significantly increased if compared to the previous year of minus Rp32.88 billion
- TINS revenue grew by 53.83% to Rp4.30 trillion compared to the previous year of Rp2.80 trillion
- Cost of Goods Sold controllably grew by 46.42% to Rp3.67 trillion compared to the previous year of Rp2.51 trillion
- In the first semester of 2017, tin ore production was recorded at 16,078 tons, or increased by 76.52 percent compared to previous year of 9,108 tons
- Refined tin production increased by 56.56% to 14,905 Mton compared to the previous year of 9,520 Mton
- Refined tin sales was recorded at 14,404 Mton, or increased 23.30% compared to the previous year of 11,682 Mton
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*) Consolidated Financial Statements of PT TIMAH (Persero) Tbk and Subsidiaries for the 1st Semester of 2016 and 2015 also available on Capital Market Electronic Library (ICaMEL), Indonesia Stock Exchange Building