Semen Gresik delays submitting earnings

Semen Gresik delays submitting earnings

JAKARTA: PT Semen Gresik, Indonesia's biggest cement maker by volume, missed a March 31 deadline to submit its 2004 earnings because an accounting firm has not completed an audit of one of its units.

Accounting firm Haryanto Sahari & Rekan is still auditing the full-year results of one of Semen Gresik's units, Corporate Secretary Soebagio said in a statement filed with the Jakarta Stock Exchange on April 1. He didn't name the unit or say why the audit had been delayed.

The audit of "some accounts at one unit has not been finished, resulting in a delay in the completion of 2004 consolidated report," Soebagio said in the statement. "We expect the consolidated report to be completed in the middle of April."

Semen Gresik is the latest Indonesian company to delay the release of its full-year earnings. PT Telekomunikasi Indonesia, the nation's top phone company, and its unit PT Telekomunikasi Selular, said on March 31 they would miss the deadline because KPMG International hadn't completed an audit of their results.

Semen Gresik shares were unchanged at Rp 16,550 (US$1.75) when they last traded on April 1. -- Bloomberg