Sep 30, 2010

Multibreeder secures Rp500 bio loans

PT Multibreeder Adirama Indonesia Tbk has secured Rp500 billion loan facilities from PT Bank CIMB Niaga Tbk on July 8 2010.
Based on the financial statement submitted to Indonesia Stock Exchange (IDX), the company had used Rp300 billion of the so-called special transaction loan to pay restructured debt with BNP Paribas, Singapore on August 23 2010. The 4 year loan charges 11% annual interest.
Multibreeder plans to use Rp20 billion current account facility and Rp180 billion fixed loan facility as additional working capital to develop business. The 1 year facilities will be charged by floating interest rate of 10.75% annually.
The company posted a 29.62% drop in net profit on the back of lower net sales. Based on the financial statement published today, Multibreeder booked Rp62.13 billion in the first half of this year from Rp88.28 billion a year earlier.
The company's operating profit plunged 35.49% from Rp114.86 billion in 1H 2009 to Rp74.10 billion in 1H 2010.
Gross profit also slumped 12.50% from Rp222.91 billion in 1H 2009 to Rp195.04 billion in 1H 2010. Multibreeder booked a 5.29% fall in net sales from Rp735.02 billion in 1H 2009 to Rp696.11 billion in 1H 2010.
Disclosure: No position at the stock mentioned above.

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