Indocement earnings jump on forex gains

Indocement earnings jump on forex gains

JAKARTA: Indonesia's PT Indocement Tunggal Prakasa said Wednesday its net profit for the nine months of this year jumped to Rp 951.53 billion (US$106 million) from Rp 118.19 billion, thanks to huge foreign exchange (forex) gains on the stronger rupiah against the U.S. dollar.

Sales rose 17 percent to Rp 3 trillion.

The company said it booked Rp 870.17 billion in foreign exchange gains, compared with Rp 57.87 billion in losses a year ago.

Indocement didn't elaborate further on its performance.

German's Heidelberger Zement AG owns 61.70 percent of Indocement, and the Indonesian government holds 16.87 percent. PT Mekar Perkasa, which is owned by the Salim Group, holds a 13.47 percent stake, Japan's Marubeni Corp. controls 1.90 percent, and public investors hold 6.06 percent. -- Dow Jones

Hero's profit fell by 35%

JAKARTA: Indonesia's PT Hero Supermarket said its net profit from January to September fell 35 percent on year to Rp 24.80 billion (US$2.6 million) due to increases in cost of sales and operating expenses.

Sales, which rose 19 percent to Rp 1.667 trillion on year, was offset by the cost of sales, which rose 20 percent to Rp 1.298 trillion, and operating expenses, which were up to Rp 338.76 billion from Rp 265.06 billion.

Analysts said the increase in such expenses was mostly due to the recent electricity tariff and fuel price hikes.

Hero didn't comment further on its performance. -- Dow Jones

HM Sampoerna earnings surge by 23%

JAKARTA: Indonesian cigarette producer Hanjaya Mandala Sampoerna said Wednesday it made Rp 1.28 trillion (US$143 million) in net profit for the nine months of this year, up 23 percent on year due to increased sales.

Sales during the period rose 42 percent to Rp 10.26 trillion on year.

Its operating profit rose 27 percent to Rp 2.129 trillion from Rp 1.679 trillion a year earlier.

Sampoerna is the leading seller of low-tar cigarette "A Mild" and clove cigarettes known locally as "Dji Sam Soe Kretek"; together, they account for more than one-third of Indonesia's smoking market.

The company gave no details on volumes, but analysts expected the company to have boosted sales by raising prices rather than selling more sticks. -- Dow Jones

Matahari Putra to open two outlets

JAKARTA: PT Matahari Putra Prima, an Indonesian retail concern, said Wednesday it plans to open two outlets in Jakarta Friday with an investment worth around Rp 60 billion (US$6.7 million).

Matahari will open a department store in southern Jakarta and a supermarket in western Jakarta to strengthen its business network in the nation's capital city, Matahari's assistant manager for public relations, Rinasanthy Arya, told Dow Jones Newswires.

Matahari currently runs 77 department stores and 64 supermarkets spread across the Indonesian archipelago.

The company plans to open six outlets next year, she added.

During the first six months of this year, Matahari's net profit almost doubled to Rp 70.28 billion from Rp 36.77 billion in the same period last year. Sales rose 8.3 percent to Rp 2.35 trillion. -- Dow Jones

CNOOC to export 1m barrels of Nanhai Light

SINGAPORE: CNOOC Ltd., China's sole offshore oil operator, has closed deals to export 1 million barrels of Nanhai Light crude for January lifting, traders told Dow Jones Newswires Wednesday.

Of the total volume, 600,000 barrels were sold to Indonesia's state oil company Pertamina and 400,000 barrels to a refinery in the U.S., traders said.

The export cargoes were sold at premium of U.S. 70-80 cents to the Tapis crude mean, they said.

Domestically, CNOOC has sold an 800,000-barrel cargo to a Chinese refinery in Nanjing for processing in January.

Nanhai light is produced from the Huizhou oil field in the South China Sea by CACT OG, a consortium made of CNOOC Ltd, Agip SpA and ChevronTexaco Corp. -- Dow Jones