Gresik forecasts 15% net profit in 2011, extends capacity

Gresik forecasts 15% net profit in 2011, extends capacity
Published: 25 April 2011

Indonesian cement producer PT Semen Gresik estimates its net profit will reach IDR882bn (US$102.3m) in the first quarter of this year, equal to an increase of 10% YoY, reports Asia Pulse.

The company performed well in the first quarter of this year, said Dwi Soetjipto, the president of the state company and the country’s largest cement producer. Dwi said the company posted a 7.5% increase in sales with income estimated to reach IDR3.5tr in the first three months of the year.

He said he is optimistic the company will achieve a 15% increase in net profit this year. He said the company will boost production to 20Mt this year, up from 18.4Mt in 2010.