PLN readying for additional 2,090 MW this year

PT Perusahaan Listrik Negara (PLN) will receive an additional supply of 2,090 megawatts (MW) by the end of this year from its first 10,000 MW fast-track power plant development program, a company executive says. PLN president director Nur Pamudji said the power capacity from the first fast-track program, launched in 2006, had so far reached 5,707 MW. “This means the construction of new power plants under the first fast-track program is 57 percent complete. Our target is to boost capacity to 7,797 MW by the end of this year,” he said.

Bank Mayapada eyes rights offering

PT Bank Mayapada Internasional Tbk will offer 386.47 million shares for Rp 780 a share in a rights offering. The company expects to collect Rp 301.45 billion (US$ 26.23 million) from the rights offering. The company will conduct the rights offering with a ratio of 8:1. The holder of eight previous shares has the right to purchase one new share. The shares that are not executed by previous shareholders will be allocated to shareholders that order more than their rights. The remaining shares that are not executed after the allocation will be bought by Brilliant Bazaar Pte. Ltd, since Brilliant is the standby buyer.

Generali posts Rp 1 trillion in premium revenues

PT Asuransi Giwa Generali Indonesia’s premium revenues now stands at Rp 1 trillion (US$ 87 million), or up by Rp 174 billion from Rp 826 billion on June. Edy Tuhirman, President Director of Generali Indonesia, said  the premium revenues hike was supported by the increase in the number of customers. The company obtained more additional customers from unit linked product. “The public is still interested with our unit linked product,” he said, and added that the product was managed by using Auto Risk Management System (ARMS).

Bringinlife posts Rp 1.3 trillion in premium revenues

PT Asuransi Jiwa Bringin Life Sejahtera, a life insurance company and subsidiary of PT Bank Rakyat Indonesia Tbk, posts Rp 1.3 trillion (US$ 113.1 million) in premium revenues as of August, 2013, or at 56.52 percent of the 2013 target of Rp 2.3 trillion. Sugeng Sudibjo, Director of Asuransi Jiwa Bringin Life Sejahtera, also known as Bringinlife, said that most of the company’s premium revenues were contributed from captive markets. Life insurance loan made up Rp 1 trillion, or 76.9 percent of the company’s premium revenues, while other life insurance products only contribute 30 percent.

Nusa Raya Cipta gains Rp 3.08 trillion new contracts

PT Nusa Raya Cipta Tbk noted the company’s new contracts as of August 2013 amounted to Rp 3.08 trillion (US$ 267.96). The amount is 93.3 percent of this year’s total of new contracts target. Priscila Edhita, Financial Analyst Nusa Raya, said a number of huge construction projects obtained during the period of January-August contributed significantly to the total of company’s new contracts.

Intiland Development sets marketing sales target of Rp 250 billion

PT Intiland Development Tbk targets to reap marketing sales worth Rp 250 billion (US$ 21.7 million) in Intiland Expo exhibition by the end of the week. The company markets eight property products located in Jakarta and Surabaya. Corporate Marketing Director of Intiland Development Susan Pranata said the price of property product marketed during the exhibition reaches averaging Rp 1 billion per unit, including office, apartment and landed houses.  “We expect sales during the exhibition to reach Rp 250 billion,” Pranata said.

XL Axiata acquires Axis for US$ 821.7 million

PT XL Axiata Tbk reached an agreement on the acquisition of PT Axis Telekom Indonesia, another cellular operator in Indonesia. Both companies signed a Sale and Purchase Agreement or Conditional Sales and Purchase Agreement (CSPA) on Thursday. The company purchased 95 percent Axis shares from Teleglobal Investment BV (Teleglobal), a subsidiary of Saudi Telecom Company (STC) valued at US$ 821.7 million.

Sriwijaya Air’s subsidiary purchases 100 R80 aircrafts

NAM Air Airlines, a subsidiary of PT Sriwijaya Air, plans to buy 100 units of Regio Prop 80 (R80). The aircrafts are produced by PT Ragio Aviasi Industri (CF RAI), an aircraft production company owned by BJ Habibie. “The aircrafts will arrive in 2018. Now it is stil inl preliminary design stage,” said Jefferson Jawuena, President Director of NAM Air.

Sinar Mas Agro switches to CPO downstream strategy

PT Sinar Mas Agro Resources and Technology Tbk switched its strategy to maximize crude palm oil (CPO) downstream products aiming to anticipate the impact of weakening global CPO price trend. “Solution to address declining CPO prices is by performing downstream strategy such as producing cooking oil as it has longer shelf life or by producing biodiesel,” said Tony Liwang, Director of Sinar Mas Agro. Currently, the company plans to invest Rp 10 trillion (US$ 870 million) in biodiesel.

Dharma Satya bags Rp 201.58 billion in loan

PT Dharma Satya Nusantara Tbk received Rp 201.58 billion (US$ 17.44 million) in credit facilities from PT Bank Central Asia Tbk, under a term of 7 to 10 years. Andrianto Oetomo, Deputy Director of Dharma Satya, disclosed that loan is for eight arms, including PT Kencana Alam Permai, PT Dharma Persada Sejahtera, PT Karya Prima Agrosejahtera, PT Dharma Agrotama Nusantara, PT Dharma Intisawit Nugraha, PT Dewata Sawit Nusantara, PT Pilar Wanapersada and PT Mandiri Cahaya Abadi.

Oil & gas revenue target rises to Rp 286.03 trillion for 2014

Budget Agency at the House of Representatives (DPR) approved government proposal to increase 2014 state revenue target from upstream oil and gas business to Rp 286.03 trillion. Previously government proposed a target of Rp 252.31 trillion in the draft of 2014 State Budget. The change was due to changes in Indonesia Crude Price (ICP), rupiah exchange rate and upstream oil and gas cost recovery.

Bakrieland books Rp 707.76 billion in H1 profit

PT Bakrieland Development Tbk in the first half of 2013 recorded attributable profit to holding entity of Rp 707.76 billion, higher than a loss of Rp 34.59 billion in the same period last year. Net sales for the period rose to Rp 2.33 trillion from Rp 926.36 billion. Cost of sales stood at Rp 865.38 billion. Gross profit rose to Rp 1.47 trillion from Rp 473.58 billion.

Jaya Pari Steel net profit skyrockets by 140.3%

PT Jaya Pari Steel Tbk booked net profit of Rp9.33 billion in first half of 2013 or skyrocketed by 140.3% from Rp3.8 billion in the same period last year. The net profit surged due to cost of sales fell by 11.1% to Rp137.6 billion from Rp154.9 billion.

Nipress profit jumps 155.27% in semester 1/2013

PT Nipress Tbk posted a 155.27% jump in net profit in line with significant increase in sales. Based on the semester 1/2013 financial statement published on Friday (9/27/2013), the company posted a net profit worth Rp25.17 billion, soared than the same period a year earlier worth Rp9.86 billion. The increase was in line with 53.66% higher sales to Rp461.83 billion from Rp300.55 billion.

Chandra Asri profit soars 108.37%

PT Chandra Asri Petrochemical Tbk finally releases financial statement of semester 1/2013. The company, owned by national entrepreneur, Prayogo Pangestu, booked net profit worth US$4.32 million (equals to Rp47.5 billion) in the first semester of this year or soared 108.37. Accordingly, earning per share increases from loss worth US$0,017 into profit US$0,001.

Krakatau Steel increases production to 6 million tons in 2014

PT Krakatau Steel Tbk nearly doubled its production capacity from the current capacity of 3.15 million tons to 6 million tons in 2014, following the joint steel mill operation with Pohang Iron & Steel Company (Posco) Phase I which is targeted to start by the end of the year. Krakatau Steel (KS) President Director Irvan Kamal Hakim said the mill construction has reached 97% and is scheduled to be completed in accordance with the target.