Indocement books profit

JAKARTA (JP): Cement maker PT Indocement Tunggal Perkasa announced on Monday a net consolidated profit of Rp 523.4 billion (US$60.8 million), reversing a net loss of Rp 634.1 billion for the previous year.

The company said in a statement that last year's low profit was mainly caused by a foreign exchange gain of Rp 527 billion following the strengthening of the rupiah.

In 1998, the company suffered a foreign exchange loss of Rp 1.08 billion, the statement said.

Net revenues increased by 10.6 percent to Rp 1.8 trillion in 1999 from Rp 1.6 trillion in 1998.

The company's shareholders decided in the meeting on Monday that no dividend would be distributed. (jsk)