Indocement reports slump in 2003 net profit

Indocement reports slump in 2003 net profit
Published: 25 March 2004

Indonesia’s second largest cement maker PT Indocement Tunggal Prakarsa reported a net profit of Rp670 billion (US$78.8m) in 2003, down from Rp11,041 billion in the previous year.  Its net income, however, rose to Rp4,148 billion from Rp3,948 billion, company secretary Ria Sjahroni said.  Ria attributed the decline in net profit to a shrink in foreign exchange gain to Rp38 billion in 2003 from Rp849 billion in 2002.  The company, which is now controlled HeidelbergCement AG, reduced its debt by US$225m to US$625m by the end of 2003.