Indocement nine-month net profit up 76%

Indocement nine-month net profit up 76%
Published: 31 October 2008

Indonesia’s second largest cement maker, PT Indocement Tunggal Prakarsa, reported on Friday a 76 per cent rise in net profit, thanks to robust sales growth and foreign exchange gains.

The company, owned by HeidelbergCement, said its January-September net income jumped to IDR1.23trn from IDR699.5bn in the year-ago period. Its sales revenue rose 36.6 per cent to IDR7.25trn.

Indocement did not elaborate on reason for the improvement in its net income, but the financial statement published on its website shows the company recorded lower interest charges.

It also reported a foreign exchange gain of IDR14.9bn compared to a loss of IDR10.9bn in the previous year.