Aug 26, 2011

PLN 1H net profit rises 16.50%

The state-controlled electricity producer PT Perusahaan Listrik Negara (PLN) (Persero) today reported a 16.50% increase in attributable net profit as operating revenue increased 26.36%.
PLN booked Rp9.46 trillion attributable profit in 1H 2011 from Rp8.12 trillion in 1H 2010. Operating profit slightly increased 5.97% to Rp7.99 trillion from Rp7.54 trillion.  Operating revenue rose 26.36% to Rp98.56 trillion from Rp78 trillion. 
PLN schedules road show in several cities in a bid to sell US$2 billion bonds. PLN President Director Dahlan Iskan said the bond proceed will be used to fulfill capital expenditure of Rp66 trillion. "Road show will be scheduled in Singapore, Hong Kong, London, New York, and Los Angeles, while pricing will be set in September-October," he said. 
According to him, PLN will offer 5, 10, and 30 year bonds to investors. Joint lead arrangers for the bonds are Barclays Capital dan Citi. PLN is scouting Rp12 trillion net profit after tax this year, a slight increase from Rp10.1 trillion last year.

Disclosure: No position at the stock mentioned above.

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