PT Exploitasi Energi Indonesia Tbk (CNKO), contractor and operator of steam-fired power plant, reported a 2,472% jump in net income last year on the back of higher revenue and operating profit.
Exploitasi, previously dubbed PT Central Korporindo Internasional Tbk, posted Rp70.73 billion net income or Rp16.65 per share last year from Rp2.75 billion or Rp0.65 per share.
Operating profit surges 914.97% to Rp107.08 billion from Rp10.55 billion, while gross profit soared 344.03% to Rp138.27 billion from Rp31.14 billion. The company's revenue increased 116.83% to Rp762.19 billion from Rp351.51 billion. The main driver for the revenue was coal sales of Rp748.47 billion and crushing, loading, and barging contributed Rp13.71 billion revenue.
The coal sales to PT Indonesia Power, subsidiary of the state-owned electricity company PT Perusahaan Listrik Negara (PLN), that reached Rp381.07 billion, became the largest contributor for Exploitasi's revenue.
In line with fast growing performance, PT CIMB Niaga Tbk has agreed to provide Rp110.98 billion loan facilities on March 16 2011.
The bank has provided 7-year Rp97.24 billion investment loan facilities which will be used to takeover loan to Bank Negara Indonesia and finance the establishment of steam-fired power plan at Pangkalan Bun, Central Kalimantan. With 3 months grace period after the first draw down, the loan charges annual interest rate of 12%.
Exploitasi also secured 1-year overdraft loan facility of Rp3.50 billion, charging 12% of annual interest rate. The company will use the loan for operational. Another fixed loan facility of Rp10.24 billion was also obtained by Exploitasi to support coal purchase.
Disclosure: No position at the stock mentioned above.
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