Indocement books profit

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)