Cibinong's losses up in 2001

Cibinong's losses up in 2001

Cement producer PT Semen Cibinong announced on Monday a 37 percent increase in operating losses, to Rp 157 billion (US$16.5 million) last year, from Rp 115 billion the previous year, due to rising production costs.

The company said in a statement its sales increased by 21 percent to Rp 1.8 trillion last year, thanks to a rise in sales volume and rising prices.

However, production costs, including amortization costs and depreciation, rose 24 percent to Rp 1.77 trillion, while costs of sales, including administrative costs, increased 7 percent to Rp 190 billion.

The company said its earnings before interest, taxes, depreciation and amortization (EBITDA) dropped to Rp 191 billion last year, from Rp 225 billion in the previous year.

Shareholders accepted the financial reports, the company said, adding that shareholders had also agreed on the appointment of Erry Riyana Hardjapamekas, the former president of state tin mining company PT Timah, as independent commissioner, as well as head of the auditing committee.

Semen Cibinong is the country's third largest cement producer with a total production capacity of 9.4 million tons per year and 3,645 worker. -- JP