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Bond Market News
Alam Sutera’s Bonds Jump as The Company Trims Losses
September 2, 2021
Indonesian property developer Alam Sutera saw its dollar bonds jump on Wednesday after the company reported improving financials for 1H 2021. The company managed to grow revenues by 21% to IDR 1.1tn ($78mn) and trim losses to IDR 248.1bn ($17mn) from IDR 516.8bn ($36.2mn) during the same period last year. Income from real estate rose by 24.7% to IDR 922.89bn ($64.65mn) and revenues from hospitality and infrastructure services also improved 19.6% to IDR 183.76bn ($12.87mn). Alam’s 6.25% bonds due 2025 jumped ~7.5 points to currently trade at 80.2 cents on the dollar with a similar up move seen in its 6% 2024s.
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