Despite a lower revenue, Indonesia's largest cement player PT Semen Gresik Tbk (SMGR) still made a slight growth in operating profit and earning by 7.43% and 7.95% respectively as a result of shrinking on cost of goods sold.
In a public announcement today, Semen Gresik revenue slightly tumbled 1.62% from Rp6.77 trillion in the first half last year (1H 2009) to Rp6.66 trillion in the first six months this year (1H 2010).
But, by making a lower cost of goods sold of 7.43% from Rp3.77 trillion to Rp3.49 trillion in 1H 2010, Semen Gresik enabled to pile up a 7.33% increase in operating profit from Rp1.91 trillion in 1H 2009 to Rp2.05 trillion in 1H 2010.
Semen Gresik's profitability, shown by operating margin, remained robust, improving from 28.21% in 1H 2009 to 30.78% in 1H 2010.
The company posted a 7.95% in net profit from Rp1.51 trillion or Rp258 per share in 1H 2009 to Rp1.63 trillion or Rp274 per share in 1H 2010.
Disclosure: No position at the stock mentioned above.
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