Apr 1, 2011

Mitrabahtera FY10 net income drops 19%

Indonesian coal tug and barge operator PT Mitrabahtera Segara Sejati Tbk (MBSS) reported a 18.65% decrease in net income last year as operating profit shrank.
In an official financial statement recently published, Mitrabahtera also booked net other charges of Rp28.50 billion, adversing from Rp13.89 billion of net other incomes in 2009.
The company posted Rp198.30 billion net income in 2010 from Rp243.75 billion in 2009.
Operating profit slightly fell 0.95% to Rp235.79 billion from Rp238.05 billion. Adding to that, gross profit slightly decreased 1.09% to Rp306.19 billion from Rp309.57 billion.
Mitrabahtera recorded a 11.27% growth in operating revenue to Rp763.32 billion from Rp685.99 billion.
Mitrabahtera is planning to list shares at Indonesia Stock Exchange scheduled on April 6 2011. The company will be 51% owned by PT Indika Energy Tbk after both parties exercise option agreement of the acquisition.
During the IPO, Mitrabahtera has downsized the IPO size to 175 million shares or 10.2% of its enlarged capital paid in with the IPO price at Rp1,600 per share.
Referring to the price, Mitrabahtera may secure Rp280 billion proceed, narrowing from the previous plan of Rp344 billion.
Previously, Mitrabahtera came with initiative to raise Rp344 billion proceed by selling 215 million shares or 12.3% stake.
In an additional prospectus published today, PT OSK Nusadana Securities Indonesia and PT Mandiri Sekuritas are lead underwriter for the IPO.
During the underwriting agreement, OSK Nusadana and Mandiri Sekuritas are both committed to underwrite 87.20 million shares or Rp139.52 billion respectively. PT Amantara Securities, PT Andalan Artha Advisindo, PT Lautandhana Securindo, PT Minna Padi Investama, PT NC Securities, and PT NISP Sekuritas have committed to underwrite 100,000 shares each.

Disclosure: No position at the stock mentioned above.

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