Semen Gresik's profit up

JAKARTA (JP): Publicly listed cement company PT Semen Gresik booked a 14 percent increase in net profit to Rp 121.6 billion (US$11 million) during the first quarter of the year, up from Rp 106.6 billion in the same period last year.

The state-owned company said in a statement quoted by Detik.com that its first quarter sales rose 36 percent to Rp 994.97 billion from Rp 734.15 billion.

Last year, company sales surged 13.3 percent to Rp 3.5 trillion, while its net profit rose 54 percent to Rp 370 billion.

Semen Gresik also said that it would issue five-year bonds worth Rp 1.2 trillion later this year to repay debts of Rp 1.7 trillion maturing in April next year.

The remaining Rp 500 billion debt would be paid off by the company using funds from its subsidiaries PT Semen Padang and PT Semen Tonasa. (05)