Semen Gresik Profit Inches Up on Lower Cost

Indonesia Finance

Sunday, 31 October 2010 12:24

Theindonesiatoday.com - State-owned cement producer PT Semen Gresik Tbk (SMGR) posted net profit of Rp2.5 trillion in nine months to September of 2010, higher than Rp2.43 trillion in the same period of last year, with lower cost of good sold offsetting lower revenue.

It recorded net earning profit per share (EPS) of Rp425, compared to Rp411 a previous year.

The company booked revenue of Rp10.29 trillion, declined from Rp10.4 trillion it recorded a year earlier. While, cost of good sold fell to Rp5.35 trillion from previous Rp5.65 trillion. It booked gross profit of Rp4.94 trillion, higher than Rp4.75 trillion a previous year.

Operating expense rose to Rp1.73 trillion, then it booked operating profit of Rp3.21 trillion in nine months to September of 2009.

Cholil Hasan, SMGR's finance director, said earlier that the revenue decline was mainly caused by higher cost as the company spent its funds to restore plant of PT Semen Tonasa. Other factor was the steady cement prices since end of 2009 until end of 2010.

He said the company's average cement prices was Rp750,000 per tons. As of September, 2010, Semen Gresik had sold 12 million tons of cements, or Rp9 trillion in total.

Cholil said Semen Gresik targets to produce 19.1 million tons of cements this year with the installed capacity estimated to reach 19.5 million tons.

As of September 2010, Semen Gresik's assets totaled Rp13.87 trillion while liability amounted Rp2.56 trillion. (hans@theindonesiatoday.com)

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