Mitrabahtera, a subsidiary of PT Indika Energy Tbk (INDY), posted Rp77.47 billion net profit in 1Q 2011 or Rp50.50 per share from Rp58.93 billion or Rp96.47 per share a year earlier.
Operating profit increased 30.16% to Rp70.87 billion from Rp54.45 billion. Operating revenue grew 23.02% to Rp209.62 billion from Rp170.39 billion.
Before Indika bought 51% stake in Mitrabahtera from its founders, Ingrid Ade Sundari Prasatya and Patricia Pratiwi Suwati Prasatya were both controlling share holders in MBSS with 15.4% shareholding each. PT Patin Resources previously also controlled 56.2% stake in MBSS.
MBSS enrolled Indonesian logistics markets as a family company led by Francesca Hadinata and Bing Prasatya in 1993.
As of September 30 2010, MBSS owned 51 tug boats, 47 barges, and 4 floating cranes. The company is underway to construct a new floating crane scheduled to be commercially operated in February this year. Patricia Prasatya, with support of Jon Vassella, is in charge of the day-to-day running of the company and business development.
Indika owns 51%
Indika Energy, integrated energy company, on April 6 exercised an option agreement to acquire 51% shareholding in MBSS at Rp1,630 per share.
Retina Rosabai, Indika's Head of Investor Relations, confirmed that Indika has exercised the option at Rp1,630 per share, entitling the company with 51% stake ownership or 892.51 million shares in Mitrabahtera which initiated its trading debut at Indonesia Stock Exchange today.
Disclosure: No position at the stock mentioned above.
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