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Cement maker Semen Baturaja's profit drops 21%, revenue increases slightly
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Workers move bags of cement onto a ship in Jakarta. (Bloomberg/Dimas Ardian)
S
tate-owned cement producer Semen Baturaja’s profit dropped by 21 percent to Rp 274.09 billion (US$20.6 million) last year due to the company's revenue growth being lower than its costs.
According to the public company report published by the Indonesia Stock Exchange (IDX) on Monday, the company recorded Rp 348.34 billion in net profit in 2015.
Semen Baturaja said its revenue increased by 4.1 percent to Rp 1.52 trillion last year versus Rp 1.46 trillion in 2015, while its costs climbed by 4.4 percent to Rp 1.01 trillion.
The firm sold Rp 1.06 trillion worth of packaged cement and Rp 455.45 billion of cement in bulk during the period. Bulk cement is usually sold to companies managing infrastructure projects while packaged cement is for retail consumption.
Semen Baturaja expects a 23 percent annual increase in its sales this year on the back of a new factory, which is projected to start operating in June. After the new plant has opened, total annual production capacity will be 3.85 million tons of cement.
The company has allocated Rp 617.8 billion for capital expenditure this year, significantly lower than the Rp 2.3 trillion disbursed in 2016, as construction of the factory is almost complete. (dan)
