TINS – Recorded a IDR30 bn net profit in 1Q24

TINS – Recorded a IDR30 bn net profit in 1Q24 Timah (TINS) is optimistic that the company will turn a net loss in 2023 into a net profit this year. In 1Q24, TINS succeeded to record a IDR30 bn net profit due to government' support for the company to improve its tin trade' governance in Indonesia. TINS estimates that the selling price of tin will also increase to around USD23-30k per ton this year. Note that, TINS posted revenue of IDR8.4 tn and a net loss of IDR449.7 bn in 2023 due to slow recovery of the global and domestic' economy, pressures on tin metal prices and the rampant' unlicensed tin mining that occurred in Bangka Belitung. (Source : Bisnis Indonesia)