Gresik says 2003 net up five per cent, excludes Padang unit

Indonesia’s largest cement maker, PT Semen Gresik Tbk, said on Friday its 2003 net profit, excluding a unit it regained control in September, grew about five percent to IDR290bn (US$33.6m) from the previous year.

The state-run company, 25.5 percent owned by  Cemex, has been plagued by management trouble at the key PT Semen Padang unit. This has caused delays in filing audited results for 2002 and 2003.

"The plan is to file the audited consolidated 2002 and 2003 financial results in June," company president Satriyo told a public meeting.

The company had earlier reported an unaudited 2002 net profit of IDR268.8bn.

Analysts have forecast the Padang unit would post net losses in 2003 but Gresik, which only regained control of the unit in September last year, declined to comment.

In 2003, Padang’s cement sales volume represented around 31 per cent of the company’s total sales of 14Mt.