Chandra Asri books 10% increase in 1Q revenue

JAKARTA: Indonesias largest petrochemical producer, PT Chandra Asri Petrochemical Tbk, posted a 10.48% increase in revenue during the first quarter of 2011, which derives from domestic sales.Chandra Asri booked US$547.28 million revenue in 1Q 2011 from US$495.35 million.The sales of polyolefin products such as polyethylene and polypropylene contributes most of the revenue, which reached 53% of the total sales, Chandra Asris Corporate Secretary SuryandiThis first quarter report is the first financial report made after merger with PT Tri Polyta Indonesia Tbk early this year, he said in written statement received by Bisnis, Yesterday.The companys total assets reached US$1.5 billion in 1Q 2011 with total EBITDA of US$51.9 million and US$23.6 million net profit, a 9.15% increase from US$21.65 million in 1Q 2010. Meanwhile, capacity utilization rate of those two petrochemical products reached more than 95%.The companys revenue performance in first quarter shows consistency in business growth after merger. Such consistency will be continuously maintained, he said.The excellence performance in first quarter cant be compared with same period last year since the company is regarded as new entity.Chandra Asri is currently processing new shares issuance 20% at minimum through rights issue mechanism with preemptive rights.Such corporate action is aimed to increase public share portion to 25% at minimum. PT Barito Pacific Tbk, Apleton Investment Ltd, and Marigold Resources Pte Ltd as the majority shareholders are committed not to use its preemptive rights but they will sell it to PT DBS Vickers Securities Indonesia, Deutsche Bank AG, UBS AG, and Morgan Stanley Asia (Singapore) Ltd as the standby buyers.The standby buyers will use the preemptive rights and offer the shares gained from preemptive rights to investor through the rights issue.About 90% of the rights issue proceeds will be use to strengthen the funding of companys projects such as the increase of production capacity for ethylene, polyethylene, butadiene, butene-1 and other petrochemical products while the rest for general expenses. (t06/wiw)

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