Semen Gresik to spin off unit

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)