Tanker operator PT Berlian Laju Tanker Tbk (BLTA), that is controlled by Indonesian businessman Hadi Surya, reported a 29.01% drop on its cash to US$84.28 million last year from US$118.73 million on the back of steep plunge of net cash provided by operating activities.
Berlian Tanker booked a 87.83% plunge on its net cash from operating activities to US$12.37 million in 2010 from US$101.64 million.
However, the company's net loss narrowed 45.99% to US$154.40 million from US$285.88 million as a result of lower net other charges.
At the operational line, Berlian Tanker posted a 38.76% decrease in operating profit to US$61.18 million from US$99.91 million. Gross profit also plummeted 28.82% to US$94.55 million from US$132.83 million as cost of goods revenue increased 15.82%, higher than the growth of operating revenue which only made a 6.23% increase to US$656.85 million from US$618.35 million.
Disclosure: No position at the stock mentioned above.
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