June 22, 2007

Indonesia's PT Japfa Comfeed hopes to reach US$778 million in sales this year

Publicly-listed animal feed producer PT Japfa Comfeed Indonesia said it hopes to post an 8.5 percent increase in sales this year toRp7 trillion (US$778 million) from Rp6.4 trillion last year.

Net profit was projected to increase to Rp245 billion, up from Rp238.16 billion last year, according to company vice president Ignatius Herry Wibowo.

The company plans to offer bonds valued at Rp500 billion early next month, with an annual coupon rate of 12.33 percent to 12.87 percent.

The company had already named Bahana Securities and Trimegah Securities as the underwriters, Wibowo said.

Around 50 percent of the bond fund would be used to repay a debt to Bank Rakyat Indonesia, and the rest for working capital and to finance the building of three new animal feed plants in South Kalimantan, West Sumatra and Central Java.