PT Trikomsel Oke Tbk and Citi Indonesia announced the signing of a bilateral credit agreement, for a working capital loan facility valued at US$ 10 million.
This brings the total of loans that Citi has extended to Trikomsel to US$ 15 million. Previously in 2008, Citi provided a syndicated loan facility with five major banks worth IDR 500 billion and US$ 25 million to the company.
Trikomsel will use this additional credit facility from Citi as a working capital to support business development, both for its existing core business and planned expansion.
In 2009, Trikomsel’s gross profit grew by 26.0% from IDR439.04 billion to IDR553.28 billion compared to 2008. At the same time, the company’s net profit reached IDR117.69 billion, a growth of 14.7% from 2008.
In the first quarter of 2010, Trikomsel’s net revenue surged by 19% to IDR1.28 trillion from IDR1.08 trillion compared to the same period in the previous year. In the first quarter of 2010, the company booked gross margin of IDR142.04 billion and net margin of IDR28.62 billion.
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