State owned Indonesian tin miner PT Timah saw its first half net profits fall 97% year-on-year to Rp 11.28 billion (US$ 801,962) in the first 6 months of 2015 compared to the same period of the previous year, according to its 2015 first half results, which the company attributed primarily to the 26% year-on-year fall in average H1 tin price to US$ 17,076 between 2014 and 2015.
The fall in profits came despite a slight 0.21% increase in unaudited ore production during the January to June period of 14,383 tonnes of contained tin compared to H1 2014. Production from onshore operations rose 20.9% to 5,792 tonnes whilst offshore production from declined 9.8% to 8,591 tonnes between the same two periods. Unaudited refined tin production also rose 31.95% from H1 2014 to 14,261 tonnes in H1 2015. This contributed to an increase in sales of 45.88% and an increase in revenue of 16.96% to Rp 3.22 trillion (US$ 230 million) compared to the first half of last year.
