ABM to refinance up to $350m debts this year

By Thomas Sembiring

IDX-listed coal and energy company PT ABM Investama Tbk (ABM) said that as per the first quarter of this year it has refinanced about US$30 million of its debts as part of its plan to refinance around $350 million debts this year.

?We plan to refinance at least $350 million this year,? said Adrian Erlangga, Finance Director of ABMM on Wednesday. Last year, ABM refinanced $110 million debts.

Adrian said that the refinancing forms part of restructuring of a total of $358.11 million debts obtained last year from domestic and overseas lenders.

Elsewhere, Adrian said that the company plans to increase coal production this year to around 9 million tons after its subsidiary PT MIFA Bersaudara optimizes production at its concession in Aceh. Last year, the company produced 6.4 million tons of coal export to China and India, and partly allocated for the domestic market. He did not disclose this year?s production target.

Last year, ABM booked a net profit of $12.6 million, compared to a net loss of $38.1 million in the previous year. Revenue increased by 23 percent to $590 million.

Editing by Reiner Simanjuntak