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Saturday, December 26, 2009

Mitra Resources Potential to Book Loss

as published in Bisnis Indonesia daily newspaper
Thursday, 24/12/2009 00:00 WIB
Mitra Resources Potential to Book Loss

JAKARTA: PT Mitra International Resources Tbk (d/h Mitra Rajasa) is potential to book up to IDR800 billion in losses due to interest burden they have to bear following the acquisition of PT Apexindo Pratama Duta.

"The net loss is attributable to IDR640 billion in interest burden that we have to pay following our acquisition of Apexindo," said Director of Mitra Resources Inu Dewanto Koentjaraningrat yesterday.

In addition, the company is also required to pay IDR124 billion in Ancora convertible bond coupon and IDR250 billion in amortization burden. Meanwhile, the management estimates its revenues for 2009 at IDR2.4 trillion.

As of September 2009, the company posted IDR641.06 billion in losses, slumping from a profit of IDR64.15 billion booked during the same period last year.

The company allocates US$143 million in capital expenditure next year, most of which will be used to revitalize the company's ships and the rest will go to Apexindo and other investments.

The company earlier this year purchased shares in a safety consulting, inspection, and training service company, PT Team Safety Consultant Indonesia.

In February, Mitra Resources also bought one unit of FPSO ship through its subsidiary, Sabre Offshore Marine Pte Ltd.

The ship has an oil production capacity of 10,000 barrels of oil per day (bopd) and 10 mmscfd of gas per day as well as a storage capacity of 53,000 bbl. (Bisnis/21)

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