PT Sarana Menara Nusantara Tbk (TOWR), parent company of telecommunication tower provider PT Profesional Telekomunikasi Indonesia (Protelindo), which is owned by Djarum family, reported a 97.57% increase in net profit for the first quarter of this year.
Sarana Menara, which is owned by children of two siblings of Djarum family's namely Michael Bambang Hartono and his younger brother Robert Budi Hartono, posted Rp151.26 billion net profit or Rp148 per
share in 1Q 2011 from Rp76.56 billion or Rp78 per share.
The company booked 14.85% increase in operating profit to Rp196.17 billion from Rp170.81 billion, while revenue rose 13.08% to Rp369.05 billion from Rp326.37 billion.
Martin Basuki Hartono, son of Robert Hartono, is currently acting as the president commissioner at Sarana Menara.
Michael Hartono owns 24.55% stake in Sarana Bersama through PT Caturguwiratna Sumapala and Robert Hartono owns 25.55% stake in Sarana Bersama through PT Tricipta Mandhala Gumilang.
Protelindo obtained US$250 million loan facilities on May 3 2011 from a group of lenders consisting of DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank, and The Royal Bank of Scotland N.V., Hong Kong branch.
The company will use the new loan to refinance the existing facility of US$100 million previously obtained from Stewart Island Investment Pte Ltd and to pay fees and expenses and to fund acquisition of construction towers.
Protelindo is planning to move its branch office from Artha Graha Building to Menara Bank Central Asia at Grand Indonesia, affiliated company, in a bid to increase efficiency among employees.
Grand Indonesia is owned by PT Puri Sinar Timur of 75.19%, PT Cipta Mulyo of 20.06%, and PT Cipta Karya Bumi Indah of 4.75%.
Both Sarana Menara and Grand Indonesia are indirectly controlled by Michael Hartono and Robert Hartono.
Disclosure: No position at the stock mentioned above.
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