Tiga Pilar Sejahtera Food Net Loss. Issuer consumer PT Tiga Pilar Sejahtera Food Tbk (AISA) or TPS Food record a decrease in net loss in 9 months this year or per September 2020 to Rp 59.56 billion, a decrease of 62.38% from the same period last year which also saw a net loss of Rp. 150.33 billion.
Base on the financial reports per September 2020 or until the third quarter of 2020 publish, this Tuesday (27/10/2020), the decrease in net loss is in line with the company’s efficiency efforts. The company`s revenue for the snack company Taro fell 12 percent to Rp 951.02 billion from Rp 1.08 trillion in the same period last year.
Meanwhile, cost of goods sold decrease to Rp 696.96 billion from Rp 759.05 billion previously. With efficiency efforts, the company manage to record an operating profit of Rp 51.91 billion, from an operating loss in the same period last year of Rp 83.62 billion. Operating expenses were also successfully reduce.
Operating expenses to Rp 278.21 billion from Rp 334.13 billion previously. Currently, Tiga Pilar is processing a corporate action to increase capital without giving pre-emptive rights (Non-HMETD) or a private placement by issuing 6 billion new shares. This corporate action will be execute at a price of IDR 210 / share.
So that the company will receive IDR 1.26 trillion in funds. It must be a shareholder of the company with 32.78% ownership. The existence of certainty as a potential investor or investor certainly provides certainty for the company to be able to improve its financial position, especially to pay for the company’s debts.
Or financial obligations that are due in December 2020, the company management wrote, quoted Monday (7/9/2020). Funds from this corporate action will later be used to improve the company’s financial condition, in particular to pay off financial obligations and strengthen the company’s capital structure.
The debt referred to includes bonds and sukuk ijarah TPS Food I with a principal of Rp 600 billion and Rp 300 billion, respectively, with a fixed interest rate of 10.25%. Based on the restructuring agreement, this debt will mature on June 30, 2029 with an interest of 2% per year provided that a buyback can be made before June 30, 2022.
Furthermore, there is Sukuk Ijarah II worth IDR 1.2 trillion with a fee of IDR 126.6 billion per year. After the restructuring, this sukuk will have the same maturity date as the previous series. Next is debt to banks, namely Citibank, JP Morgan, and Standard Chartered. Each of the outstanding balances.
From this bank loan facility reached Rp 434.89 billion, Rp 333.78 billion and Rp 93 billion.