JAKARTA (Indonesia Today) – Property developer PT Cowell Development Tbk (COWL) had in December 10, 2014 bagged loan of US$163 million from PT Bank QNB Indonesia Tbk and Qatar National Bank, Singapore branch.
The loan has tenor of 7 years, used to fund its working capital, project development, and other financing.
As at September 2014, Cowell’s liability totaled Rp2 trillion, of which bank loan amounted Rp785.22 billion.
COWL booked revenues of Rp304.57 billion in nine months of 2014 and net profit of Rp15.02 billion. The company revised down its marketing sales growth to 30% for this year due to the presidential election.