Bakrie & Brothers conglomerate reduces debt pile over the year

Michael Bow
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BAKRIE & Brothers, the Indonesian conglomerate once connected to London-listed Bumi Plc, reduced its debt pile by 40 per cent last year from RP10.7 trillion (£722m) to RP6.4 trillion, it emerged yesterday.

The company said the reduction had helped lighten the interest payments on its debts.

Overall, the company recorded net profit of RP354.87bn on record revenues of RP15.48trn last year.

The firm, which has interests in telecoms, oil and gas as well as coal, hit the headlines earlier this year after a long running saga over the control of FTSE 250 listed Bumi Plc. In February the Bakrie Group and Bumi Resources announced plans to separate from London listed Bumi altogether.