Semen Gresik sees 2004 net profit rising

Semen Gresik sees 2004 net profit rising
Published: 15 November 2004

Indonesia’s Semen Gresik sees 2004 net profit rising to 400 bln rupiah for 2004 against a restated 378bn in 2003, said the company’s Finance Director Cholil Hasan. He also said the company has just completed a special audit on the 2002 and 2003 financial reports of unit PT Semen Padang, resulting in a downward revision of its consolidated net profit for both years. Following the special audit, Semen Gresik’s 2002 net profit has been restated at 151bn rupiah from 196bn, and its 2003 net profit restated at 378bn from 399bn, he said. "It is expected that, by the end of 2004, Semen Gresik’s consolidated net profit will reach 400bn rupiah," Hasan told reporters after submitting the company’s restated consolidated financial reports to the Jakarta Stock Exchange.  

The government ordered the special audit on Semen Padang following reports of financial irregularities in the unit. Semen Padang’s audits have also been delayed by a computer problem, which prevented access to its financial accounts, Semen Gresik has said. In addition, auditors were only able to gain access to Semen Padang in September last year after its workers agreed to end their six-month-long protest.