Three indonesian cement giants

Three indonesian cement giants
Published: 15 December 2003

PT Semen Gresik, PT Indocement, and PT Semen Cibinong, posted net profit at Rp267 billion (US$31.48m), Rp712 billion and Rp242 billion respectively during the nine month period.  Data at the Jakarta Stock Exchange showed that PT Semen Cibinong recorded an operating loss of Rp8 billion but the rupiah appreciation gave it a large foreign exchange gain. The company has large foreign exchange debt.  PT Indocement posted an operating profit of Rp724 billion and state-owned Semen Gresik Rp672 billion.  PT Semen Gresik recorded the largest sales of Rp4,080 billion, followed by Indocement's Rp3,167 billion and Cibinong's Rp1,702 billion in the first nine months of 2003.

Meanwhile, the Indonesian government plans to help Cemex SA find a buyer for its 25.5 pct stake in state-owned Semen Gresik to end the dispute over the delayed sale of another 51 pct in in the company to the Mexican cement firm, State Minister for State Enterprises Laksamana Sukardi said.  He said that there were interested buyers for Semen Gresik's shares given the positive outlook in the cement industry.  "About the structure or packaging (of the sale) we will find the best option. This will depend on our talks with Cemex," he said.