Indonesia’s Gresik expects audited results soon

Indonesia’s largest cement maker, PT Semen Gresik, said on Thursday it expected to report its audited consolidated results for 2002 and 2003 by the end of this month, after a key unit finishes its figures.

The state-run company, 25.5 per cent owned by Mexican cement producer Cemex, had been plagued by managemement trouble at its unit PT Semen Padang, leading to difficulties in conducting audits. "We plan to announce the (consolidated) results on Nov. 30 when the company is scheduled to hold a shareholders meeting," said Soebagio, Gresik’s spokesman.

The comment came after Padang’s president, Dwi Soetjipto, said on Wednesday the company was finalising the audit reports and expected them to be ready next week. The unit’s cement production accounts for about 30 per cent of Gresik’s total. Soetjipto said the unit’s results could be released next week. The Jakarta Stock Exchange suspended Gresik’s shares from trading on June 28 after the company’s auditor attached disclaimers to its 2002 and 2003 financial reports. The shares resumed trading on July 8.

The auditor had cited a lack of adequate data on Padang, which had been backed by some local politicians in rejecting a government plan to sell a further stake in Gresik to Cemex on fears of foreign control. Soetjipto said Padang sold 4.1Mt of cement from January to October this year, slightly more than the full-year target of 4.06 million. ($1=9,090 rupiah).