The country’s third largest cement maker, PT Holcim Indonesia  has reported an improved financial performance in the first half of this year, largely on foreign exchange gains. 

The company posted a foreign exchange gain of Rp252.03 billion (US$27.61 million) in the first six months of this year compared to foreign exchange losses of Rp177.41bn in the same period last year. 

Its net profit was Rp139bn (US$15.23m) as against a net loss of Rp218bn in the first half of 2005, despite a slight decline in sales - from Rp1,409bn to Rp1,379bn. 

Company president Tim Mackay said in a statement that sales declined especially in the first quarter of this year and an increase was recorded only in the first two months of the second half of the year.