Friday, January 08, 2010

IDX suspends CP Prima

Indonesia Stock Exchange (IDX) has suspended the trading of PT Central Proteina Prima (CPRO) Tbk stocks this morning on reports about default in bonds coupon payment of US$17.9 million. Fitch Ratings said CPRO's internal cash is not enough to support the payment scheduled late last month.
CPRO is controlled by Jiaravanon family (Charoen Pokphand). The stock collapsed from Rp420 in January 2008 to Rp50 in Jan 2009, regained grounds to Rp127 in June 2009, but then fell back to Rp60 yesterday. At that price, CPRO has market cap of Rp2.42 trillion on total asset of Rp8.9 trillion (US$962 million).
CP Prima is a fully integrated shrimp producer and processor. The company is market leader in shrimp fry, shrimp feed, and fish feed production.
CPRO had total liabilities of Rp5.48 trillion as of Sept 2009 and cash in hands of Rp189 billion. CPRO reported sales revenue of Rp5.18 trillion in Jan-Sep 2009, declined 13.7% from the same period in 2008, but operating profit crashed 99% to Rp310 million only. The company booked net profit of Rp23 billion in Jan-Sep 2009, mainly because of non-cash gain in foreign exchange translation (Rp450 billion), while financing costs surged substantially to Rp355.8 billion. 

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