Gresik forecasts rise in net profit, Indonesia

Gresik forecasts rise in net profit, Indonesia
Published: 06 July 2006

Despite a decline in cement demand in Indonesia, state-owned cement maker PT Semen Gresik is optimistic it will post a net profit of Rp1.12 trillion (US$123.5m) this year, up from Rp1.02 trillion last year. Company President Dwi Soetjipto acknowledged there was a decline of about three per cent in Indonesia’s cement demand in the first quarter of this year, but he said he is optimistic the country’s largest cement producers will succeed in boosting exports to offset the decline in domestic market demand. 
 
Soetjipto said the company will be able to meet the target of Rp140.27bn in the dividend to be received by the state from the net profit posted in 2005.