Indonesia’s Indocement H1 profit more than doubles

Indonesia’s Indocement H1 profit more than doubles
Published: 29 July 2008

Indonesia’s second-largest cement maker, PT Indocement Tunggal Prakarsa Tbk, reported on Monday its first-half net profit more than doubled, led by strong domestic cement sales.
 
Industry data showed cement consumption expanded by 21.1 per cent to 18.89Mt in the first six months of this year.
 
Indocement, controlled by HeidelbergCement , said its net profit climbed to IDR770.74bn in the January-June period from IDR360.145bn a year ago.
 
Its net revenue jumped 42 per cent to IDR4.49trn.
 
Indonesia’s key interest rate, the BI rate , fell to eight per cent at the end of 2007 from from a record high of 12.75 per cent in late 2005 on easing inflation.
 
But with inflation returning to double digit levels in June, after the government raised subsidised fuel prices by around 30 per cent, the central bank has increased the benchmark interest rate by a total of 75 basis points since May.