Aug 2, 2010

XL Axiata secures Rp2 trillion loans

Despite robust financial performance, Indonesia's third largest cellular operator PT XL Axiata Tbk (EXCL) still piles up debt. It secured bank loan facilities of Rp2 trillion last month.
In the first half financial report, XL Axiata secured Rp500 billion of loan facility, maturing in 36 months, from The Bank of Tokyo Mitsubishi UFJ Ltd on July 14 2010. The interest rate is agreed at certain premium above Sertifikat Bank Indonesia (SBI). 
The operator also sealed Rp1.5 trillion of 5 year loan facility from publicly listed company PT Bank Central Asia Tbk (BBCA) on July 27 2010. The facility charges 1.4% interest above Libor.
XL Axiata also paid Rp500 billion of debt to Bank Central Asia on July 22 2010. The operator booked long term loan of Rp6.05 trillion in 1H 2010 with 1 year maturity of Rp3.88 trillion.
How about cash?
XL Axiata's cash and cash equivalent shrank from Rp971.51 billion in 1H 2009 to Rp924.34 billion in 1H 2010 on the back of soaring payment of long term debt worth Rp2.39 trillion. 
The company reports a 87.40% jump in earning during the first half this year compared to the same period last year.
XL posted Rp1.32 trillion or Rp156 per share in 1H 2010 from a year earlier of Rp706.38 billion or Rp100 per share. Operating profit soared 231.45% from Rp749.27 billion in 1H 2009 to Rp2.48 trillion in 1H 2010. Revenue grew 34.78% from Rp6.21 trillion in 1H 2009 to Rp8.37 trillion in 1H 2010.

Disclosure: No position at the stock mentioned above. 

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