Apr 19, 2012

Bumi Citra FY11 profit plunges 87.16%

PT Bumi Citra Permai Tbk (BCIP) today reported a 87.16% plunge in net profit last year as net sales dropped.
Bumi Citra posted Rp2.39 billion net profit or Rp1.93 a share last year from Rp18.61 billion or Rp15.50 a share in the previous year.
Operating profit fell 65.70% to Rp8.66 billion from Rp25.25 billion, while gross profit decreased 42.69% to Rp25.41 billion from Rp44.34 billion. Bumi Citra's net sales dropped 34.23% to Rp55.37 billion from Rp84.19 billion.
Bumi Citra is controlled by PT Bumi Citra Investindo of 52.47%, Heru Hidayat with 6.15% stake, and public shareholders with 41.38%. Bumi Citra Investindo is owned by Halim family such as Effendi Halim and Annie Halim.
Members of Halim family, Effendi Halim, Henny Halim, and Bergibb Nelson Halim also owns PT BPR Danatama Indonesia with 10%, 23%, and 6.50% stakes.
In November last year, Bumi Citra has also agreed to acquire US$260 million mandatory convertible notes (MCN) issued by an iron ore producer PT Gunung Besi Utama.
Bumi Citra has entered into memorandum of understanding with Nabil Enterprises Limited, a company based on United Arab Emirates, regarding to the purchase of MCN. Gunung Besi is a company that directly and indirectly owns a producer of iron ore. To buy the MCN, Bumi Citra will use proceed from the rights issue scheduled on December 21 2011.
 Disclosure: No position at the stock mentioned above.

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