Aug 19, 2010

Arch buys US$22.66 mio UNSP notes

Publicly listed palm oil producer PT Bakrie Sumatera Plantations Tbk (UNSP) today reports a new foreign investor dubbed Arch Advisory Limited has bought US$22.66 million equity-linked notes, increasing the notes issuance to US$100 million.
In a public announcement submitted to Indonesia Stock Exchange today, Bakrie Plantations Corporate Secretary Fitri Barnas said the company had issued US$77.34 million equity-linked notes on March 11 2010.
"Pursuant to trust deed and terms and conditions of the notes issuance dated on Fabruary 18 2010, we can issue up to US$100 million equity-linked notes," he said.   
During the first half of this year, Bakrie Plantations suffers a 26.67% drop in its first half earning on the back of soaring financial interest charges.
The company posted Rp99.14 billion or Rp8.50 per share in the first half this year (1H 2010) from a year earlier of Rp135.19 billion or Rp36 per share. It has been burdened by soaring interest charges of Rp212.91 billion in 1H 2010, a 90.93% surge from a year earlier of Rp111.51 billion.
Operating profit reached Rp332.71 billion in 1H 2010, a 37.97% increase compared to the same period last year of Rp241.15 billion. Bakrie Plantations booked Rp1.13 trillion of net sales, a 8.65% rise from a year earlier of Rp1.04 trillion.

Disclosure: No position at the stock mentioned above.

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