Mar 15, 2011

BW Plantation unit seals Rp237 bio loan

PT Adhyaksa Dharmastya, a wholly owned subsidiary of palm oil producer PT BW Plantation Tbk (BWPT), has secured loan facility amounting to Rp237.06 billion from PT Bank Negara Indonesia Tbk (BNI) to support its business expansion.
Corporate Secretary BW Plantation Kelik Irwantono said Rp65 billion of loan facility will be used to build palm processing plant in the plantation area of Adhyaksa Darmasatya.
“We had obtained the facility and will start constructing the plant this month and it will complete at least early 2012,” he said today.
According to Kelik, palm oil processing plant that will be established have 30 tons capacities per hour which is can be increased up to 45 tons per hour.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, using the facility, Adhyaksa aims to takeover debt to its shareholder which had been used to develop planting at 5,122 hectares of land.
The facility, charging 10.75% of annual interest rate, will mature on March 10 2018. Up to now, the BWPT-coded company is still auditing its 2010 financial report. However, the revenue is estimated to rise 22% and net income jump to 45% when compared to 2009.
Referring to that increase, BW Plantation net income reached Rp242.83 billion at end of 2010 from Rp167.47 billion in 2009. Meanwhile, net income reached Rp712.6 billion from Rp584.1 billion.
The growth in revenue was supported by the average selling price of CPO as much as 18.3% from Rp6,117/kg to Rp7,326/kg. The average selling price of palm kernel (PK) rose 37.8% from Rp2,311/kg to Rp3,185/kg.
In addition, the CPO sales volume reached 91,382 tons in 2010 or increased by 1.6% compared to 89,965 tons in 2009. Palm kernel sales volume rose 10.3% from 14,615 tons to 16,118 tons. The increase of sales volume was supported by the production volume.
BW plantation’s CPO production volume slightly declined by 0.1% throughout last year to 91,225 tons compared to 91,382 tons in 2009. Fresh fruit bunch of plasma declined 03% from 14,607 tons to 14,168 tons, while fresh fruit bunch of nucleus and PK rose respectively by 8.6% and 10.5% to 383,360 tons and 16,118 tons.

Disclosure: No position at the stock mentioned above.

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