{
    "success": true,
    "data": {
        "id": 1364413,
        "msgid": "semen-cibinong-profits-drop-56-percent-1447893297",
        "date": "2003-04-15 00:00:00",
        "title": "Semen Cibinong profits drop 56 percent",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Semen Cibinong profits drop 56 percent Rendi A. Witular, The Jakarta Post, Jakarta Publicly-listed cement maker PT Semen Cibinong said in its 2002 audited financial report that net income dropped by 56 percent to Rp 502 billion (US$56.40 million) from Rp 1.16 trillion in 2001. The company said losses from operations increased to Rp 211 billion from Rp 157 billion.",
        "content": "<p>Semen Cibinong profits drop 56 percent<\/p>\n<p>Rendi A. Witular, The Jakarta Post, Jakarta<\/p>\n<p>Publicly-listed cement maker PT Semen Cibinong said in its 2002<br>\naudited financial report that net income dropped by 56 percent to<br>\nRp 502 billion (US$56.40 million) from Rp 1.16 trillion in 2001.<\/p>\n<p>The company said losses from operations increased to Rp 211<br>\nbillion from Rp 157 billion.<\/p>\n<p>\"This was due to costs increasing faster than prices,<br>\nincreased depreciation following an asset revaluation, the write-<br>\noff of certain inventories which no longer have any economic<br>\nvalue and project costs associated with performance<br>\nimprovements,\" company president Tom Clough said on Monday.<\/p>\n<p>He said that although cement prices increased by around 17<br>\npercent last year, this was not enough to compensate for the 19<br>\npercent average increase in production costs.<\/p>\n<p>Clough said that technical and distribution problems in the<br>\nmiddle of last year compounded the already slow growth in market<br>\ndemand.<\/p>\n<p>Semen Cibinong sales revenue increased by 10 percent last year<br>\nto Rp 1.9 trillion.<\/p>\n<p>Clough said that last year's net income was due almost<br>\nentirely to foreign exchange gains.<\/p>\n<p>During 2002, the company exported 2.38 million tons of cement<br>\nand clinker, an increase of 6 percent compared to 2.25 million<br>\ntons in 2001. But due to the appreciation of the rupiah against<br>\nthe U.S. dollar, export revenues dropped by 8 percent to Rp 399<br>\nbillion from last year's Rp 434 billion.<\/p>\n<p>Asked about sales prospects this year, Clough predicted they<br>\nwould remain weak due to flat demand amid uncertainties in the<br>\noverall economy resulting from the impact of the war in Iraq, the<br>\noutbreak of SARS, and the upcoming 2004 general election.<\/p>\n<p>In 2002, the total domestic market demand for cement was 27.2<br>\nmillion tons. Semen Cibinong has a market share of around 15<br>\npercent.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/semen-cibinong-profits-drop-56-percent-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}