Jul 29, 2011

Indika posts 25.14% rise in 1H profit

PT Indika Energy Tbk (INDY), an integrated energy company that owns 46% shareholding in coal miner PT Kideco Jaya Agung, reported a 25.14% increase in net profit for the first 6 months of this year because higher profit contribution from associated companies. 
Indika booked Rp584.59 billion net profit 1H 2011 from Rp467.16 billion in 1H 2010. Profit from associated companies rose 32.62% to Rp956.49 billion from Rp721.23 billion.
Gross profit increased to Rp361.83 billion from Rp353.33 billion. Indika's consolidated revenue rose climbed 12.43% to Rp1.99 trillion from Rp1.77 trillion. The biggest contributor remained contract and services business with Rp1.83 trillion and the remaining of Rp159.42 billion came from coal mining business.
Loan from Citibank
Besides securing US$130 million loan facilities from Standard Chartered Bank and UBS AG consisting of US$65 million each in March, Indika also sealed another US$50 million facility from Citibank N.A. Indonesia on March 9 2011.
The facility, which will mature on April 29 2011, charges annual interest of 3% premium over Libor. Indika previously used the facility to acquire coal tug boat operator PT Mitrabahtera Segara Sejati Tbk (MBSS).

Disclosure: No position at the stock mentioned above.

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