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View all search resultsEconomy in brief: Semen Indonesia's 2015 profits down
State-owned cement producer PT Semen Indonesia Tbk booked a net profit of Rp 4
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tate-owned cement producer PT Semen Indonesia Tbk booked a net profit of Rp 4.52 trillion (US$336.56 million) in 2015, an 18.7 percent drop compared to Rp 5.56 trillion in the previous year.
In a financial report published Tuesday, the company's 2015 revenues totaled Rp 26.95 trillion, almost unchanged from Rp 26.99 trillion in 2014 amid sluggish demand.
In the third quarter, the company's net profits declined by 21.6 percent, far higher than the fall in annual net profits.
The company's president director Suparni attributed the fall in net profits to the increase in electricity and distribution costs, as well as the depreciation of the rupiah against the US dollar, kompas.com reported.
The publicly listed company plans to further increase exports this year in order to offset the fall in sales in the domestic market. The company expects to begin operations at two new cement plants ' Indarung VI in West Sumatra and Rembang in Central Java ' in the third quarter this year. The two cement plants will have production capacities of 3 million tons a year each.
