Mitra Rajasa in red still

PT Mitra Rajasa (MIRA) Tbk, parent company of drilling service company PT Apexindo Pratama Duta (APEX) Tbk, reported net loss of Rp115.85 billion in the first half 2009 due to huge financial expenses.

MIRA reported net sales revenue of Rp873 billion and operating profit of Rp306 billion in H1 09. But the company's financial charges reached Rp373 billion. As a result, the company booked loss before tax of Rp67.7 billion.

The biggest financial expenses are bank interest and penalties (Rp232 billion) and bonds (Rp86 billion). The company was lucky to book Rp67 billion gain on derivative transaction. Otherwise, MIRA's net loss would be bigger.

The company's current ratio also worsened. It has current liabilities of Rp2.85 trillion, while current asset at Rp2.02 trillion. The company has total liabilities of Rp12.08 trillion, while its equity was only Rp1 trillion as of June 30, 2009. 

At Rp540 per share, MIRA currently has market capitalization of US$210 million. The stock surged almost 100% in the period of March-May, but then retreated to Rp540 today.

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