Indocement net loss

Indocement net loss
Published: 04 May 2004

JAKARTA: Cement maker PT Indocement Tunggal Prakarsa said it sustained a net loss of Rp2.99 billion (US$348,800) in the first quarter of this year as against a net profit of Rp231.6 billion in the same period last year.  The company, controlled by the German-based cement giant Heidelberger Zement AG, said in its financial report, the losses was caused partly by loss on foreign exchange .  Its loss on foreign exchange totaled Rp121 billion in the first three months of this year as against a net foreign exchange gain of Rp43.36 billion in the same period last year.  Its operating performance improved as shown by an increase in net income to Rp954.15 billion from Rp941.37 billion.  It said its current liabilities rose to Rp850.95 billio0n from Rp684 billion because of an increase in debt to banks and its non current liabilities declined to Rp4.72 trillion from Rp6.21 trillion.