State-owned Indonesian cement producer Semen Baturaja’s profit dropped by 21 per cent to Rp 274.09 billion ($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), the company recorded Rp 348.34 billion in net profit in 2015.
Semen Baturaja said its revenue increased by 4.1 per cent to Rp 1.52 trillion last year versus Rp 1.46 trillion in 2015, while its costs climbed by 4.4 per cent 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