Gresik pays dividend

JAKARTA (JP): The shareholders meeting of the country's largest cement producer, PT Semen Gresik, approved yesterday the management's proposal to pay a cash dividend of Rp 156.8 (1.1 U.S. cents) per share or 40 percent of its earning per share for 1997.

Company president Urip Timuryono said the remaining 60 percent of its profit would be retained to strengthen the company's capital.

The company, which currently produces 17 million tons of cement per year, booked a 10-percent increase in net profit to Rp 38.95 billion in the first quarter of this year, up from Rp 35.4 billion over the same period last year.

Its sales also rose by 30 percent to Rp 414.8 billion in the first three months of this year from Rp 318.3 billion in the same period last year.

The company's net profit rose to Rp 231.5 billion last year from Rp 219.3 the previous year. Net sales also rose to Rp 1.64 trillion in 1997 from Rp 1.36 trillion in 1996. (aly)