Apr 3, 2011

Bakrie losing more stakes in units

PT Bakrie & Brothers Tbk (BNBR), parent company of Bakrie family, suffered a widened net loss of 339.08% to Rp7.64 trillion for the period of last year as a result of a massive loss on shares sale of Rp10.26 trillion.
In a financial report submitted to Indonesia Stock Exchange recently, Bakrie booked Rp7.64 trillion net loss last year from Rp1.74 trillion net loss in the previous year.
Income from operations increased 39% to Rp975.86 billion from Rp701.99 billion. Despite a steep jump in cost of goods revenue of 118.83%, gross profit rose 21.89% to Rp4.51 trillion from Rp3.70 trillion.
The company's revenue grew 71.82% to Rp13.11 trillion from Rp7.63 trillion. In fact, cash and cash equivalents of Bakrie shrank to Rp742.28 billion from Rp1.35 trillion.
Shareholding in units
Referring to Bakrie & Brothers' financial report, it had sold some stakes in five subsidiaries as debt settlement to its creditor Piper Price & Company Limited (PPC) worth Rp3.41 trillion.
Bakrie sold 1.23 billion shares in PT Bumi Resources Tbk (BUMI) as settlement to PPC, 2.37 billion shares in PT Energi Mega Persada Tbk (ENRG), 304.17 million shares in PT Bakrie Sumatera Plantations Tbk (UNSP), 346.9 million shares in PT Bakrieland Development Tbk (ELTY), and 1.30 billion shares in PT Bakrie Telecom Tbk (BTEL).
For the period of 2010, Bakrie sold 2.08 billion shares in Bumi, 734 million shares in Bakrie Plantations, 6.22 billion shares in Energi Mega, and 346.9 million shares in Bakrieland.
As of December 2010, the shares sale had steeply shrunk Bakrie's shareholdings in those subsidiaries. Bakrie & Brother currently manages some subsidiaries' shares which are available for sale. The shares are consisting of 452.07 million shares (1.11%) in Energi Mega, 509.92 million shares (1.28%) in Bakrieland Development, and 1.54 billion shares (11.36%) in Bakrie Plantations. In Bakrie Telecom, Bakrie & Brothers controls 45.07% shareholding.
Disclosure: No position at the stock mentioned above.

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