Jaya Agra Wattie scouts 40% rise in earning

Wandrik Panca Adiguna
Wandrik Panca Adiguna - Bisnis.com 31 Mei 2011  |  00:45 WIB

JAKARTA: Diversified plantation company PT Jaya Agra Wattie Tbk (JAWA), that is owned by Indonesian businessman Hadi Surya, scouts IDR192 billion net profit this year following its entry to Indonesia Stock Exchange.

The figure is 140% higher than last year at IDR80.11 billion, said Director Bambang S. Ibrahim yesterday. The target is achievable amid the proceeds of it recent initial public offering (IPO) amounted to IDR566.20 billion to expand its business.About 90% or IDR509.5 billion of the total proceed will be used for rubber, oil palm cultivation program and to construct plant while the remaining will be used to acquire new land, companys working capital and capital expenditure.JA Wattie sold 1.13 billion shares at IDR500 a share and experienced 2.44 times oversubscribed. The company appointed PT Mandiri Sekuritas and OSK Nusadana Securities Indonesia as underwriters.Trading debutDuring the first day of trading, the JAWA-coded share experienced a slight increase to IDR540, then downed to IDR510 at the end of the first trading session. It slumped further to IDR495 at the end of the trading day.Analyst Reza Priambodo at PT Indo Surya said such condition was not only the reaction of trading mechanism in the domestic stock market but also the lack of positive sentiment.Global market negative sentiment and CPO price movement affected JAWA share price.Regarding expansion plan, President Director Harijadi Soedarjo said, the company plans to boost crude palm oil production by constructing 4 new plants.In details, three plants will be rubber plant with an investment of IDR30 billion and one IDR90 billion-IDR100 billion oil plant that could produce 30 ton FFB/hour. (t05/wiw)

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