Indonesia’s Semen Cibinong reverses

Indonesia’s Semen Cibinong reverses
Published: 01 November 2004

Indonesia’s Semen Cibinong reverses into the red in Jan-Sept on forex loss. PT Semen Cibinong posted a nine months to September net loss of 379.26 bln rupiah, a reversal from a net profit of 241.52 bln in the same period last year due to a weaker performance at operating level, as well as a foreign exchange loss. The company, Indonesia’s third largest cement maker, said its sales for the period grew to 1.75 trln rupiah from 1.70 trln previously, but operating its loss widened to 40.39 bln from 7.70 bln a year earlier, as the declining gross profit was insufficient to cover operating costs.

It said that, below the operating line, it posted net other charges of 338.87 bln, compared with net other income 249.56 bln. The reversal was largely attributable to a forex loss of 330.75 bln against a  forex gain of 261.07 bln in the same period last year amid a weaker rupiah. The rupiah in fact fell to 9140 per US dollar as at end-September from 8390 at the
end of the same period last year.