Singapore-listed company Samudera Shipping Line Lte today turned to US$152,000 net profit for the period ended March 2011 as revenue increased 23.8%.
Samudera Line, a 65.14%-owned subsidiary of Indonesia-listed PT Samudera Indonesia Tbk (SMDR), posted US$152,000 net profit in 1Q 2011 from US$1.43 million net loss a year earlier. Samudera Line also posted US$370,000 operating profit from US$1.43 million operating loss.
Gross profit surged 136.1% to US$4.31 million from US$1.83 million. Samudera Line's revenue increased 23.8% to US$102.69 million from US$82.93 million.
Samudera Indonesia is 57.98% owned by PT Samudera Indonesia Tangguh, PT Ngrumat Bondo Utomo owns 9.52%, and public shareholders own 32.10% stake. Masli Mulia (president director) holds 0.40% stake in Samudera Indonesia, Director Asmari Herry Prayitno holds 0.0003%, and Commissioner Aloysius Soebagjo Windoe owns 0.06%.
Disclosure: No position at the stock mentioned above.
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