State tin producer Timah (TINS) booked a net profit of Rp10.3 billion in the first quarter (Q1) of 2021, against a loss of Rp412.86 billion in the corresponding period of 2020 thanks to lower costs. Revenue dropped 45.45% year on year (y/y) to Rp2.4 trillion. TINS’ cost of revenues fell 54.34% to Rp2.1 trillion. Then Timah booked a gross profit of Rp323 billion in Q1 of 2021, against a loss of Rp196.4 million in Q1 of 2020. Export sales fell 47.6% to Rp2.2 trillion.
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