Cibibong suffers losses in Q1

JAKARTA: Cement makers PT Semen Cibinong recorded losses of Rp 52 billion (US$6 million) in the first quarter of the year following an increase in operational costs and a drop in export proceeds resulting from the strengthening of the rupiah.

The firm blamed the rainy season and severe flooding in the first months of the year for the loss as it raised production and transport costs.

In comparison, the company booked a Rp 32 billion profit during the same period last year, a press statement said.

Overall, the firm posted a total sales volume of 1.34 million tons in the first quarter, a slight increase from 1.3 million tons in the same period the year before.

The volume of domestic sales decreased to 823,000 tons in the first quarter, as against 960,000 tons last year, while export sales jumped from 344,000 tons in the first quarter last year to 519,000 tons as of March this year. -- JP