Pelita Samudera Shipping Reaches 42% Revenue Growth in 2017

By : Abraham Sihombing And Aldo Bella Putra | Monday, March 19 2018 - 20:00 IWST

IHSG (Foto/Rizki Meirino)
IHSG (Foto/Rizki Meirino)

INDUSTRY.co.id - Jakarta - PT Pelita Samudera Shipping Tbk (PSSI) booked revenues of US $ 49 million in 2017 with net income of US $ 3.92 million. That means, the sea transport company achieved net margin of 8% in 2017.

"The amount of profit that the company achieved last year because the management remains disciplined to continue. The cost efficiency step remains dependable because of stable coal prices end of 2015," said Imelda Agustina Kiagoes, Corporate Secretary of PSSI, in Jakarta, Monday (19/03 / 2018).

When compared to 2016 of Rp34, 59 million, then the realization of revenue in 2017 PSSI showed an increase of 42%. Meanwhile, the company's bottom line in 2016 still has debt of US $ 12.41 million.

Imelda explained that the company's performance improvement in 2017 is due to the 30% increase in coal transportation volume compared to 2016 with the trend of stable recovery of coal commodity prices in 2017.

"The volume of tug and barging tugboat (tugboat and barge) transport services was 9.84 million tons, up 51 percent from 6.52 million tons in 2016. The floating loading facility's floating loading volume increased 22 percent to 20.37 million tons in 2017," Imelda said.

Imelda said, the efficiency activities carried out in 2017, namely the use of fuel and diesel oil, additional costs.

Along with the high demand for coal transportation services, PSSI management is continuing to expand its business through the addition of fleet of vessels in order to reduce the cost of renting the vessel.

Most of the fleet of 5 sets of tugs and barges stretched in 2017 and the purchase of 4 units of tugs and 3 barges by the end of 2017 has been in operation in the fourth quarter of 2017. These new fleets will be full this year.

"With the purchase of fleet of tugboats and barges, the total assets of the company in 2017 increased 18% to US $ 101.81 million compared to the previous year of US $ 86.37 million," said Imelda.

Imelda revision, transport volume and coal load transfer in 2018 is valid reaching 33 million tons, or 10% higher than the realization in 2017 of 30 million tons.

Imelda said that the 10% growth target for coal transport volume and the 10% removal of coal is realistic to achieve. Because the purchase of the first Mother Vessel ship PSSI 31005 ton capacity that has been handed over at the end of February 2018 and then will support the target.

"The utility rate of ships in 2017 has reached more than 90%, so the cost control and seriousness of the company to always enter the commodity market fluctuations will continue to be the best business strategy," Imelda concluded. (Abraham Sihombing)

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