One of Indonesia's largest tanker transportation company PT Berlian Laju Tanker Tbk (BLTA) posted a slight growth in revenue of 1.62% during the first three months this year compared to the same period last year. But, its operating profit fell 42.38%.
In a financial report submitted to Indonesia Stock Exchange (IDX), Berlian Tanker booked US$161.55 million in revenue in Q1 2010 compared to the same period last year of US$158.97 million.
Operating income dropped 42.38% from US$42.14 million in March 2009 to US$24.28 million in Q1 2010, owing to a soaring direct cost of 19.68% from US$109.45 million to US$130.99 million in Q1 2010.
But, Berlian Tanker booked a net profit of US$24.90 million in Q1 2010, a reversal from a year before of US$73.03 million in net loss.
BLTA enabled to ballooned its bottom line, underpinned by net gain on derivative transactions from US$19.09 million in Q1 2009 to US$37.13 million. It also made a net revaluation on its assets of US$67.92 million.
Piles up new loan
Berlian Tanker's consolidated financial report reveals that its subsidiaries piled up Rp537.22 billion of new loans from financial institutions.
In April 2010, the company's subsidiary entered into loan agreement worth US$6.9 million with Toekay BLT Corporation. Its subsidiary also withdrew Rp207 billion of loan from Bank Negara Indonesia. Its subsidiary signed a loan agreement with DEG worth US$29.75 million.