Apr 8, 2011

Sierad Produce seals US$20 mio loan

PT Sierad Produce Tbk (SIPD) just secured US$20 million or Rp174 billion of working capital loan facility from PT Bank Bukopin Tbk (BBKP).
In an official statement filed today, the facility will be used by Sierad to expand business. Sierad and Bank Bukopin signed loan agreement on April 5 2011.
The financing is additional facility obtained by Sierad in 2010 worth Rp75 billion. In addition, the company has also secured financing facilities from several local and foreign lenders. 
Sierad, a company with core businesses of poultry feed, breeding, and hatchery, today reported a 64.29% increase in net income last year as a result of higher sales.
Sierad posted Rp61.15 billion net income last year from Rp37.22 billion in the previous year.
Operating profit surged 92.87% to Rp140.18 billion from Rp72.68 billion. Gross profit increased 52.28% to Rp351.45 billion from Rp230.79 billion. Sierad's net sales grew 12.35% to Rp3.64 trillion from Rp3.24 trillion. 

Disclosure: No position at the stock mentioned above.

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