Indonesia: Indonesia's largest cement producer PT Semen Gresik has reported income of USD1.28bn in the first nine months of 2011. This represents an increase of 12% over the same period of 2010. The net profit of the state company rose by 10% to USD305m, according to its president Dwi Soetjipto.
The rise in income and profit followed was attributed to a 10% increase in sales to 14.5Mt in the nine month period. This represents 74.3% of the company's sales target for the whole of 2011.
According to Dwi, the increase in net profit would have been even higher if it had not been for increased production costs. Dwi reported that the company had experienced a particular rise in fuel and electricity costs.