State-owned cement maker PT Semen Gresik reported a 37.7 per cent increase in its 2004 net profit to Rp520.6bn(US$55.4m) as compared with the previous year.
Company Finance Director Cholil Hasan attributed the surge in net profit mainly to success in reducing cost of fund from Rp403bn in 2003 to Rp238bn.
Its loan interest burden declined after repaying and restructuring debts owed by its subsidiary PT Semen Tonasa in South Sulawesi, Cholil said.
By the end of 2004, its debt including those owed by its subsidiaries dropped to Rp190bn from Rp600bn a year before.
The company reported income valued at Rp6trn in 2004 , up from Rp5.44trn in the previous year.