Tin miner's 2009 net profit drops

Indonesia's majority state-owened tin miner PT Timah Tbk has announced its 2009 net profit fell 77% to a better-than-expected Rp 313.8 billion ($34.5 million), from Rp 1.342 trillion rupiah in 2008. Analysts had forecast 2009 net profit of Rp 206 million, according to Thomson Reuters, reflecting a sharp decline in tin sales.

The world's largest integrated tin miner also said revenue fell 15% to Rp 7.71 trillion, from Rp 9.05 trillion in 2008.