Semen Gresik's Q1 profit falls 46%

Semen Gresik's Q1 profit falls 46%

JAKARTA: Cement producer PT Semen Gresik said Thursday its net
profit during the first quarter of this year fell 46 percent to
Rp 65.41 billion, mostly due to higher sales expenses.

Results are based on Indonesian accounting standards and are
unaudited.

Gresik said sales rose 11 percent to Rp 1.104 trillion from Rp
994.97 billion.

But the sales rise was offset by higher cost of sales which
during the period rose 26 percent to Rp 748.37 billion from Rp
594.21 billion.

The company didn't comment on its performance.

Gresik is majority owned by the government. In December, the
government scrapped a long-standing agreement to sell to Mexico's
Cemex SA de CV, a 51 percent stake in Semen Gresik, after
pressure from local politicians who didn't want a foreign company
taking over Indonesian assets. -- Dow Jones