Dec 24, 2010

Multistrada expects Rp230 bio net profit

Tire maker PT Multistrada Arah Sarana Tbk (MASA) estimates to post Rp220 billion-Rp230 billion net profit at end of 2011. The company also estimates to book nearly Rp2.1 trillion net sales and Rp170 billion net profit at end of this year.
Even Go, Head of Investor Relations of Multistrada, said the company is focusing to close its operational in 2010. "We have obtained loans facility to expand tire output capacity scheduled to complete in the second half of 2011," he said.
Multistrada, one of Indonesia's tire maker with stellar brands Achilles, Corsa, and Strada, posted Rp1.52 trillion net sales in the first 9 months of this year, a 27.73% increase from Rp1.19 trillion a year earlier.
The company recorded 9M net income of Rp114.97 billion or Rp18.8 per share. 
Even said the company expects 7 million-7.5 million tires in 2011 from 5.6 million tires in 2010. The company has prepared US$129.5 million for 2 years expansion of production capacity.
Multistrada secured US$143 million loan facilities from several banks such as Bank Internasional Indonesia, CIMB Niaga, and HSBC with 5 year maturity. Multistrada also obtained US$42 million loan from Unicredit AG, Germany.

Disclosure: No position at the stock mentioned above.

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