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.
Alam Sutera’s Bonds Jump as The Company Trims Losses
