Jakarta, November 01, 2024 – PT TIMAH Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for September 30, 2024.
Tin metal prices have fluctuated over the past three months as metal markets react to changes in global sentiment. With US interest rate cuts, China's stimulus measures, and the hampering of world tin metal supply, the London Metal Exchange (LME) tin metal price was still around USD 33,000 per metric ton by the end of September 2024.
Based on CRU Tin Monitor, global tin metal consumption is estimated to increase by 2.6% (YoY) to 270,603 tons until September 2024, and global tin metal production is estimated to decrease by 7.7% (YoY) to 253,598 tons.
Tin metal inventories at LME warehouses at the end of September 2024 stood at 4,660 tons, down 37.4% from the beginning of 2024 at 7,450 tons.
"Along with efforts to improve production operation performance, financial performance, and improve tin mining governance, TINS managed to book 9M 2024 net profit of Rp908.81 billion which has a positive impact on TINS' increasingly strong financial fundamentals," said Fina Eliani Director of Finance and Risk Management of PT TIMAH Tbk.
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