JAKARTA - PT Lautan Luas Tbk (LTLS) continues to establish itself as a company that has a resilient performance even in the midst of a pandemic. For information, PEFINDO has raised the corporate credit and bond ratings of PT Lautan Luas Tbk.
The rating upgrade was for the Shelf-Registered Bonds II Phase II Series B 2017, Shelf-Registered Bonds III Phase I Series A and B in 2020, and Shelf-Registered Bonds III Phase II Series A and B in 2021 to “IdA ” from “IdA-“. The outlook for the company's corporate credit rating is “strong”.
“With the improving credit profile and increasing credit rating given by Pefindo, we see a positive impact on the Company. The Company's interest rates and interest expense are expected to be better, which will also have an impact on increasing the Company's performance,” explained Eurike Hadijaya, Investor Relations Manager of PT Lautan Luas Tbk.
Pefindo assesses that the rating action reflects Pefindo's view of a stronger LTLS capital structure and cash flow protection indicators, driven by improved working capital management and stable demand following the macroeconomic recovery in the short to medium term.
An issuer of basic and specialty chemicals supplier in Indonesia, LTLS also posted revenue of IDR 6.6 trillion throughout 2021. This achievement increased 18.6% from revenue in 2020 which amounted to IDR 5.6 trillion. This increase in revenue came from the surge in sales obtained by Lautan Luas. It was recorded that LTLS sales reached IDR 6.06 trillion last year. This number was higher than sales in 2020 which was only IDR 5.04 trillion.
With the increase in sales and all the cost efficiencies carried out, there is an increase in net profit. LTLS posted a net profit of IDR 279.6 billion. Or an increase of 271.7% from IDR75.2 billion on an annual basis or year on year (yoy). (LM)