Semen Indonesia to halt 2015 expansion plans

Semen Indonesia, Indonesia’s biggest cement maker, will halt its expansion plans for 2015 becuase of slow domestic demand for cement.

It will continue with projects already started, but other projects could be delayed.

The company plans to develop two plants in Rembang, Central Java and Indarung, West Sumatra, which are expected to be completed between July and September 2016, and had intended to increase its regional presence by purchasing a cement company in South-east Asia.

The 2015 capital expenditure for the company was allocated at between $369m and $500m.

It is not known if the company’s capex will be reduced.

For the first half of 2015, cement sales saw a 3.3% decline from 29 million tonnes to 28 million tonnes. Within the same period, Semen Indonesia’s profit dropped from IDR 2.75 trillion to IDR 2.2 trillion by 20% year-on-year; its cost of goods sold rose to IDR 7.6 trillion by 7% while sales dropped to IDR 12.6 trillion by 2%.

Source

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