Moody's Investors Service has assigned a definitive B2 senior unsecured rating to the US$150 million senior unsecured notes issued by Alam Sutera International Private Limited, an entity wholly-owned by PT Alam Sutera Realty Tbk (ASRI) and guaranteed by Alam Sutera Realty and its subsidiaries.
Alam Sutera reported a 107.12% increase in net profit last year on the back of strong growth in sales.
In a company financial statement published filed to Indonesia Stock Exchange yesterday, Alam Sutera's net profit in 2011 reached Rp601.65 billion from Rp290.48 billion a year earlier.
Total sales rose 74.61% to Rp1.38 trillion from Rp790.93 billion. The biggest contributor to the sales was realestate projects with Rp1.34 trillion, consisting of land bank sale of Rp740.9 billion and housing sale of Rp592.88 billion.
Disclosure: No position at the stock mentioned above.
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