CP Prima books US$11.2 million from asset sales

Top shrimp producer PT Central Proteinaprima (CP Prima) has booked fresh funds amounting to Rp103 billion (US$11.2 million) from the sale of assets of the company's subsidiary PT Central Windu Sejati.

In a report filed to the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) and Indonesia Stock Exchange (IDX), CP Prima said that Central Windu Sejati had sold its cold storage and processing plants in Medan, North Sumatra and in Surabaya, East Java, for about Rp103 billion.

CP Prima has 50,000 hectares of shrimp ponds, and will use the funds from the asset sales to improve its cashflow.

Earlier, the company was working to overhaul its production processes after output was affected by the spread of a highly-infectious virus and sales were hit by a trade spat with the US last year.

The company's revenue declined by 14% to Rp5.2 trillion (US$551 million) in the nine months to September last year, while net profit tumbled by 80% to Rp24 billion (US$2.52 million).