From: Achmad Syafriel Sent: 30 Agustus 2007 13:38 Subject: TINS 1h07
Timah 1H07-Good performance in 1H07 * Sales up 136% y-o-y to Rp4.1tn due to significant higher price and volume of tin, after the crackdown of illegal smelter since October 2006. * Since cost are held down, gross and operating profit increased 639% y-o-y and 1,766% y-o-y. * Margins are much higher than last year. * As a result, net profit up 3,167% y-o-y to Rp781bn. * The company also plans to split its stocks, however no further detail on the scheme yet. Income Statement (Rpbn) 1H06 1H07 Change Total Sales 1,729 4,078 135.8% Gross Profit 200 1,477 638.5% Operating Profit 68 1,271 1765.9% Pre-tax profit 56 1,187 2008.3% Net Profit 24 781 3166.9% EPS 47.7 1551.7 3153.0% Gross margin 11.6% 36.2% Operating Margin 7.6% 5.1% Net Margin 1.4% 19.1% ROA 0.8% 18.0% ROE 1.6% 33.2% Balance Sheet (Rpbn) Total Assets 2,882 4,329 50.2% Total Liabilities 1,382 1,978 43.2% Minority Interest 0.003 0.003 21.0% Total Equity 1,500 2,351 56.7% Total Liabilities and Equity 2,882 4,329 50.2% Source: Company Best regards, Achmad Syafriel Analyst Research Department PT. Bahana Securities DISCLAIMER This email may contain privileged and/or confidential Information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the person addressed, you may not use any part of it, forward, disclose, copy or deliver this to anyone else. If you receive this email by mistake, please immediately delete it from your system and notify the sender by return email. Internet communications can not be guaranteed to be timely, secure, error or virus free, the sender does not accept any liability for error or omissions. The information contained in this email and/or report is not be taken as any recommendation made by PT. Bahana Securities or any other person to enter into any agreement and/or take position with regard to any investment mentioned in this document. This email and/or report is prepared in general circulation. It does not have any intention to the specific person who may receive this email and/or report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.
