Jun 21, 2011

Bumi secures US$200 mio loan

PT Bumi Resources Tbk (BUMI), Indonesia's largest thermal coal exporter, and its four subsidiaries have obtained US$200 million loan facilities from UBS AG, Singapore. 
Bumi and  PT Sitrade Coal, Kalimantan Coal Limited, Sangatta Holdings Limited and Forerunner International Pte Ltd entered into loan agreement with UBS on April 28 2011, said Bumi's 1Q/2011 financial report said.  UBS provided US$100 million credit facility with an interest rate of 6% per annum. 
The loan agreement was subsequently amended on May 4, 2011 granting Bumi an additional loan facility amounting to US$100 million.
Bumi will use the facilities to pay expenses and other general corporate purposes. The loan is payable in full 6 months after its utilization date. However, the company has the option to extend the maturity for an additional 6 months.
In the first quarter of 2011, Bumi's net equity was US$1.32 billion and long term debt of US$3.61 billion. Debt to equity ratio was 2.73x.
Net profit drops 
In the 1Q financial statement published at Bumi Resources's website, Bumi reported a 13.27% drop in net profit to US$123.28 million from US$142.14 million in 1Q 2010 (after restatement).
The net profit was underpinned by several transactions such as gain on derivative transaction of US$105.92 million, equity in net income of associated companies of US$43.48 million, and gain on foreign exchange of US$62.31 million. Bumi also posted loss on cancellation of shares sale of US$35.89 million.
However, Bumi posted a 38.69% increase in operating profit to US$218.89 million from US$157.83 million, reflecting higher operating margin to 25.75% from 22.46%. Revenue increased 20.95% to US$850.02 million from US$702.78 million.

Disclosure: No position at the stock mentioned above.

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