PT Buana Listya Tama Tbk, the freight transportation unit of Indonesia’s biggest shipping company PT Berlian Laju Tanker Tbk, reported second-quarter profits soar by almost ten-folds boosted by increasing revenues.
According to a company's information filed to Indonesia Stock Exchange, Buana Listya said its net income for the January-June period was Rp129.4 billion, up 989%, compared to Rp13.1 billion a year earlier.
Revenues were Rp498.1 billion, a 91% growth. Its income from operation rose 246% to Rp155.4 billion.
The company’s revenue for this year is secured by time charter contracts from major oil and gas companies. This is primarily contributed by the implementation of cabotage rule in Indonesia where in general the company benefits from higher charter rates for its vessels with relatively longer charter period.
Floating production, storage and offloading and also floating, storage and offloading business has surged by 1,180% to Rp113.8 billion. Gas tanker operation was also up by 79.2%. Meanwhile, chemical tanker reversed its loss to Rp4.4 billion profits.Disclosure: No position at the stock mentioned above.
Print This Article