PT Semen Gresik's third quarter net profit plunged 9.2 percent
PT Semen Gresik's third quarter net profit plunged 9.2 percent
The Jakarta Post, Jakarta
Publicly-listed PT Semen Gresik (Persero) Tbk. stated on
Thursday that its consolidated net profit plunged 9.2 percent to
Rp 266.93 billion (US$29.69 million) during the first nine months
of this year, from Rp 294.01 billion in the same period in 2002.
It claimed he decrease was caused by higher costs of sales
after the government hiked electricity tariffs and fuel prices
early this year.
The company's cement sales volume also fell 5.6 percent to
10.401 million metric tons due to a drop in its domestic sales
and exports.
Its domestic sales dropped by about 0.5 percent to 8.851
million tons at the third quarter this year from 8.899 million
tons reached at the corresponding period last year.
Exports fell even more significantly, by about 27 percent, to
1,550 million tons from 2.113 million tons a year ago.
SG is 51 percent owned by the government, while 25.50 percent
is owned by Mexico's cement giant, Cemex S.A. de C.V., and the
remainder 23.50 percent owned by the investing public.
The company owns three cement units: SG in Central Java, Semen
Padang in West Sumatra and Semen Tonasa in South Sulawesi.
For several years, SG could not control Semen Padang because
its former management demanded the firm be spun off from SG. SG
could only take over the management in the middle of this year
with the help of police.
SG's president Satriyo earlier said SG's third quarter
financial report was based on the assumption of zero profit at
Semen Padang.
"It is hard for us to define the exact number (SG profit) as
Semen Padang has yet to close their financial report. We could
only assume a zero profit at Semen Padang," Satriyo said, adding
that Semen Padang's financial report was expected to be completed
by mid-February 2004.
He also said the financial deficit of Semen Padang could reach
about Rp 200 billion by the end of the year.
However, according to him, SG's net profit could increase by
between 8 percent and 10 percent next year despite the coming
general election, with assumptions the Semen Padang problems
would soon be resolved.