Cement company's profits up
Cement company's profits up
JAKARTA (JP): PT Indocement Tunggal Perkasa, a major publicly-
listed cement producer, yesterday announced a 16 percent increase
in its quarterly profits, while two other listed firms reported
increases in their profits in 1995.
Indocement said in a statement yesterday that its consolidated
profits increased to Rp 100 billion (US$42.5 million) in the
first quarter of this year from Rp 86.6 billion in the same
period last year.
The statement said that in the first quarter, net revenues
reached Rp 996 billion, an increase of 14 percent.
It reported that the net revenues of the company's cement
division rose by only 3 percent to Rp 315 billion in the January-
March period, while net revenues from its food division increased
by 20 percent to Rp 678 billion.
The food division contributed 68 percent of the company's
revenues and 52 percent of its operating income. Excluding
Bogasari, the food division contributed 43 percent of its net
revenues and 33 percent of its operating profits.
Meanwhile PT Ever Shine Tex, a textile and garment
manufacturer, said that it had registered a 19 percent increase
in total sales to Rp 162 billion the previous year.
Net sales of textiles rose 24 percent to Rp 132 billion,
while sales of garments remained stagnant at Rp 29 billion.
The company said the flat growth of garment sales was a result
of weakening demand on the international market, particularly in
Europe. About 90 percent of the company's garment production is
allocated for export.
It was reported that due to price increases in raw materials,
the company's profits grew by only 8 percent to Rp 24 billion
last year.
Another listed company, Bank Surya, also said that its net
profits last year rose 67 percent, to Rp 16 billion, over the
previous year.
The bank's president, A.K. Ariawan, said in a statement that
as of Dec. 31, 1995, the bank's total assets reached Rp 1.1
trillion, indicating an increase of 31 percent over the previous
year.
Ariawan said that as of last December, total deposits
generated from the public increased by 24 percent to Rp 940
billion, most of which were in the form of time deposits.
Total credits rose 18 percent from Rp 615 billion as of the
end of 1994 to Rp 728 billion as of the end of last year, of
which 64.7 percent went to the trade sector, 13.3 percent to the
services sector and 10.7 percent to the construction sector. The
remaining 11 percent was allocated to other sectors, such as the
manufacturing industry and transportation. (alo)