Aug 2, 2010

Indocement beats Semen Gresik

Indonesia's largest cement manufacturer PT Semen Gresik Tbk (SMGR) posted a lower revenue, but its fiercest contender PT Indocement Tunggal Prakarsa Tbk (INTP) was able to book a 11.89% growth in revenue.
In the first half financial report, as reported by today, Semen Gresik booked a slight decrease in revenue of 1.62% from Rp6.77 trillion in 1H 2009 to Rp6.66 trillion in 1H 2010.
But, Indocement booked Rp5.36 trillion of revenue in 1H 2010, a 11.89% rise from a year earlier of Rp4.79 trillion.
Semen Gresik's operating profit rose 7.33% from Rp1.94 trillion in 1H 2009 to Rp2.05 trillion in 1H 2010 Indocement, cement company controlled by Heidelbergcement AG, enabled to book a 25.77% increase from Rp1.63 trillion in 1H 2009 to Rp2.05 trillion in the first half this year, sending a higher operating margin.
Indocement posted 38.25% of operating margin in 1H 2010, an increase from a year earlier of 34.03%, while Semen Gresik's operating margin was up from 28.21% to 30.78% in 1H 2010.
Considering the profitability, Indocement's operating margin is higher than Semen Gresik. Indocement also booked a 40.17% growth in net profit from Rp1.17 trillion or Rp318.50 per share in 1H 2009 to Rp1.64 trillion or Rp445.55 per share in 1H 2010.
Semen Gresik posted Rp1.63 trillion or Rp274 per share of net profit in 1H 2010, a 7.95% increase from a year earlier of Rp1.51 trillion or Rp258 per share. Indocement is up 0.89% to Rp17,050 per share, making its market capitalization of Rp62.77 trillion.

Disclosure: No position at the stocks mentioned above.

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