Cement maker PT Semen Cibinong, a subsidiary of Holcim , has recorded a loss of Rp14bn (US$1.5m) last year due in part to a decline in exports.
Other factors that caused the losses were the increased costs associated with improved employee benefits, in-process projects and long overdue maintenance costs, the company said in a statement announcing the results after a shareholders’ meeting on Monday.
"The main problem was an ability to increase prices in line with general cost increases due to the ... industry’s extreme competition," the company said in a statement.
The country’s third largest cement maker booked a net income of Rp 174bn , primarily due to foreign exchange gain.
Total volume of cement sales slightly declined to 6.04Mt in 2003, from 6.07Mt in 2002. Revenue rose by 13.2 per cent to Rp 2.24 trillion, from Rp 1.97 trillion, while EBITDA rose by 58.46 per cent to Rp393bn from Rp 248bn.