Indonesia’s Gresik posts 38 per cent rise in net profit
The net profit of state-owned cement maker PT Semen Gresik shot up 38% to Rp455.29bn (US$50m) in the first quarter of this year, from Rp329.92bn in the same period last year.
The country’s largest cement producer recorded Rp2.52 trillion in income in the three-month period, up 20% year-on-year, on larger sales and price hike, the newspaper Bisnis Indonesia reported.
The paper quoted company sources as attributing the increase in its sales to growing property sector and brisk development of infrastructure projects necessitating a larger supply of cement.
Market analyst Stanley Tjiandra from Trimegah Securities predicted the net profit of Semen Gresik will rise to Rp1.9 trillion from Rp1.78 trillion last year. Published under Cement News
