Indonesia’s Gresik 1Q net profit IDR681bn Vs IDR519bn

Indonesia’s Gresik 1Q net profit IDR681bn Vs IDR519bn
Published: 29 April 2009

Indonesia’s largest cement maker by output PT Semen Gresik said Wednesday that its net profit rose 31% during the first quarter of the year on higher cement prices and efforts to cut costs.

Gresik said that its net profit rose to IDR681bn during the first quarter of the year from a restated IDR519bn a year earlier.

Its total revenue rose 27% during the period to IDR3.23trn from a year earlier as the company increased average selling prices by 20% for the domestic market and 40% for exports, the company said.

In terms of volume, the company’s cement sales in the domestic market fell 2% on year to 3.78Mt during the January-March period, while sales to overseas market dropped 4.6% on year to 220,000t.