Semen Gresik to spin off unit

JAKARTA (JP): State cement maker PT Semen Gresik booked a net income of Rp 240.6 billion (US$30 million) last year, compared to Rp 221.6 billion in 1998, according to the company's audited Dec. 31, 1999, income statement.

With increased sale prices and export markets the company managed to improve its total sales to Rp 3.1 trillion in 1999, compared to Rp 2.3 trillion the previous year.

The company said it had a foreign exchange gain of Rp 51 billion last year, a turn around from Rp 72.5 billion of forex loss in 1998.

The 1999 end-of-year financial statement was based on an exchange rate of Rp 7,100 per U.S. dollar, while the previous year was on Rp 8,025 per dollar. (udi)