Samindo Resources (MYOH) Accelerates Loan Repayment, JAKARTA – PT Samindo Resources Tbk (MYOH) is accelerating the loan repayment to reduce the level of financial risk as well as to lower the interest expense.

Lee, Kang Hyeob President Director of Samindo Resources said the portion of loan repayment is done by the subsidiary, PT SIMS Jaya Kaltim on 8 April 2016.

“The settlement of loan amounting US$11.5 million is to KEB Hana Bank,” he said during the information disclosure in PT Bursa Efek Indonesia, Tuesday (12/4/2016).

He also said that the Company also made a loan settlement on behalf of PT Samindo Utama Kaltim worth of US$2 million to KEB Hana Bank. Such amount is equal to 14.5% of the Company’s total equity.

He stated that the partial loan settlement is part of the Company’s policy to lower the financial risk as well as reducing interest expense.

In its financial statement the Company with ticker code MYOH, the net profit rised by 9.52% from previous US$22.58million becoming US$24.73 million. Company’s revenue in last year decline 11.43% from US$254.43 million becoming US$228.33million.

However, Samindo coal enlisted company – is able to lower the cost of revenue by 61.51% from previously US$216,52 million becoming US$134,06 million.

Last year, MYOH suffered the bloated exchange rate loss by 262.71% from US$595,000 into US$2.14million. however, the exchange rate difference as a result financial report translation jumped by 221.48% from previous US$1.21million becoming US$3.89million. Nevertheless, the Company’s bank loan shrunk 25.36% from US$22million to US$17.55million. While the trade payables decreased 28.87% from US$19.73 to US$15.31million.

Liability decreased by 21.7% from US$82.61 million to US$67.88 million. Company’s assets decreased by 7.96% compare to last year from US$163.27 million to US$151.23 million.

From such amount, current assets increased 4.29% from US$81.83 million to US$85.34 million. On the contrary, the non-current asset decerased 7.3% from US$81.44 million to US$75.90 million.