Bakrie & Brothers cuts debt by IDR2 trillion

Bisnis.com,09 Des 2010, 13:29 WIB

JAKARTA: PT Bakrie & Brothers Tbk targets to cut its debt by IDR2 trillion this year and also plans a bond issuance.The company plans to issue US$150 million bonds (IDR1.35 trillion) in the first quarter of coming year.Finance Director of Bakrie & Brothers Eddy Soeparno confirmed that the bond issuance is to refinance its short-term debt so that it can extend the bonds maturity. The bond is likely issued after completing Vallar Plcs transaction. This year, we plan to curb the debt by IDR2 trillion to IDR7 trillion, he told reporters, this afternoon.Meanwhile, until November 2010, he continued, the companys debt had declined by IDR1.3 trillion but IDR9 trillion is still left to be refinanced or paid off immediately.The jump in debt interest expense by 414.5% was the reason that brought down the performance of Bakrie Group's holding. Then, as per September 2010, its net loss flew by 737% to IDR565.99 billion from IDR67.62 billion in the same period of 2009.In third quarter of 2010, Bakrie & Brothers booked a 74.1% revenue increase to IDR9.28 trillion from IDR5.33 trillion in the same period last year. Whereas, its operating income grew 44.6% to IDR744.47 billion from IDR514.85 billion. (T01/NOM)

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