State-owned cement maker PT Semen Baturaja in South Sumatra reported a gross profit of Rp20bn (US$2 million) in the first 10 months of this year, up from only Rp4.14 billion in the whole of last year. The company’s net profit is projected at Rp12.69bn, its president Bakti Setiawan told a local daily.
According to him, the company wanted to become a public company selling part of its shares in stock markets to raise funds to strengthen its capital and repay a debt. He said the company hopes to raise Rp500bn from the share sale.
