Holcim Indonesia sees 2010 net profit fall

Holcim Indonesia sees 2010 net profit fall
Published: 31 March 2011

PT Holcim Indonesia reported a 7.5 per cent decline YoY in net profit to IDR828bn (US$95.22m) in 2010, despite an increase in sales.

The company recorded a four per cent increase in sales to IDR6trn in 2010, from IDR5.45trn in the previous year.

Eamon Ginley, the president of the country’s third largest cement maker, attributed the decline in profit to foreign exchange loss.

Ginley said the company succeeded in cutting its debt ratio to equity to 0.3 per cent from 1.8 per cent five years earlier.

He described the company’s financial condition as encouraging until 2010 marked with strong balance sheet.

He said the company already broke ground on December 15 last year to start construction of a new cement factory with a capacity of 1.7Mta in Tuban, East Java.