Aug 25, 2010

Lonsum pays US$4.09 mio loan to SMBC

Publicly listed palm oil producer PT PP London Sumatra Indonesia Tbk (Lonsum) has paid principal loan worth US$4,09 million to Sumitomo Mitsui Banking Corporation (SMBC) on 4 August 2010.
In the first half financial statement, Lonsum obtained loan facility from SMBC Singapore and DBS Bank Ltd with combined maximum credit limit of US$45 million on August 4 2009. A day later, Lonsum secured loan facility from CIMB Bank Berhad Singapore branch with maximum credit limit of US$30 million. 
These loans are secured by collective corporate guarantees from PT Salim Ivomas Pratama (SIMP), Lonsum's controlling share holder, and Indo Agri in proportion to their equity ownership in the company. Proceeds from these loan facilities were used to refinance the club deal bank loans.
Lonsum yesterday reported a 45.72% jump in net profit during the first half of this year on the back of shrinking costs.
In the financial statement submitted to Indonesia Stock Exchange today, Lonsum posted Rp417.78 billion net profit or Rp306 per share in 1H 2010 from Rp286.70 billion or Rp214 per share a year earlier.
Operating profit rose 43.36% from Rp398.08 billion in 1H 2009 to Rp570.67 billion in 1H 2010.
Lonsum enabled to reduce both operating expenses and cost of goods sold (COGS) 11.98% and 3.33% respectively in 1H 2010.
The company's operating expenses fell 11.98% from Rp204.18 billion in 1H 2009 to Rp179.71 billion in 1H 2010, while COGS abated from Rp844.17 billion in 1H 2009 to Rp816.04 billion in 1H 2010.
Lonsum booked Rp1.57 trillion sales in 1H 2010, a 8.28% increase from Rp1.45 trillion a year earlier.

Disclosure: No position at the stock mentioned above. 

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