Jul 16, 2011

Radiant Utama seals US$35 mio loan

PT Radiant Utama Interinsco Tbk (RUIS) has obtained US$35 million loan commitment from foreign bank. The loan facility will be used to expand business.
However, Radiant has not disclosed the foreign bank which is committed to provide the loan facility. "The interest is low," said Coki Lubis, the company's Corporate Secretary, as quoted by Kontan daily today.
Radiant, the company which provides services of oil and gas supporting facilities, will use the facility to buy mobile offshore production unit (MOPU) in a bid to ease operational cost. So far, Radiant has rented the MOPU. After it owns the production unit, Radiant expects to book Rp5 billion cost saving.
Radiant is scouting Rp1.2 trillion revenue this year, a 14.28% increase from Rp1.05 trillion last year. Net profit is expected to reach Rp26 billion this year, double from Rp12.82 billion.

Disclosure: No position at the stock mentioned above.

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