JAKARTA. PT Timah Tbk (TINS) projects that it will record better business growth in the second half (2H) 2020 than in 1H 2020, after making a profit in May and June.
Wibisono, Director of Finance at TINS, explained that the company is currently implementing better cost management strategies. TINS' management, said Wibisono, is also working on business efficiency and renegotiation of agreement with suppliers of raw materials.
"It will begin to appear in the financial reports of the following quarters," said Wibisono in a press release today.
In the public expose that was held today, TINS' management explained the company recorded a net profit of Rp 43 billion in May and Rp 50 billion in June. Previously, for four consecutive months, the state owned company posted a net loss of Rp 484 billion in total.
On the other hand, Wibisono said that refined tin prices may recover in 2H 2020. This projection is based on a signal that the average refined tin price on the London Metal Exchange (LME) will increase by 9% in June 2020, to US$ 17,119.
"This will have a positive impact on the company's performance," said Wibisono. (KR/AR)