Indonesia’s largest cement maker PT Semen Gresik reported a 74 per cent year-on-year rise in first half to June net profit to 321. 21bn rupiah on the back of stronger sales and lower interest costs. The company said its sales grew 15.82 per cent in the six months to 3.27 trln rupiah from the year-earlier 2.82 trln.
During the first half, Semen Gresik sold 6.68Mt of cement in domestic market, up from 6.23Mt a year ago, and exported 878,530t against 1.06Mt previously.
Over the same period, domestic cement consumption rose 9.0 per cent year-on-year to 15.08Mt from 13.83Mt, while industry-wide cement exports rose 34.4 per cent to 1.74Mt from 1.29Mt a year earlier.
Semen Gresik said its operating profit rose 31 per cent in the first half to 515.91 bln rupiah from the year-earlier 393.57 bln. The bottom line growth was further paced by a decline in net other charges to 55.81 bln from 123.93 bln a year ago thanks to a sharp fall in interest expenses to 82.95 bln from 150.63 bln.