Tire maker PT Multistrada Arah Sarana Tbk (MASA) has purchased a Rp50 billion cessie issued by PT Cakrawala Agro Nusantara on March 5 2012.
The cessie, that chares a 12.5% annual interest rate, will mature on September 2012. There is adequte information about Cakrawala Agro. Google search is unable to track who is behind Cakrawala Agro as well.
Last year, Multistrada, that is controlled by Pieter Tanuri and Northstar Pacific Partners, suffered a 18.37% decrease in net profit to Rp143.74 billion or Rp23.4 a share from Rp176.08 billion or Rp28.8 a share.
The profit drop was contributed by a 188.57% surge in finance charges to Rp96.67 billion from Rp33.50 billion in 2010.
However, the company's operating profit still increased 20.44% to Rp282.27 billion from Rp234.36 billion.
Gross profit also rose 22.29% to Rp532.83 billion from Rp435.71 billion. Multistrada booked a 42.29% increase in net sales to Rp2.86 trillion from Rp2.01 trillion.
Disclosure: No position at the stock mentioned above.
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