Jun 3, 2012

Mitrabahtera subsidiary secures contract from Berau Coal

PT Mitra Alam Segara Sejati, a subsidiary that is 60% owned by PT Mitrabahtera Segara Sejati Tbk (MBSS), has secured a 5 year contracts of coal transhipment service at Muara Pantai, East Kalimantan, from PT Berau Coal.

Mitra Alam is responsible to provide services on unloading coal from barges into vessels using floating crane. Minimum guaranteed tonnage is 3 million metric tons for the first year and 3.5 million tons a year for the 2 and 5 year.
Up to the finalizations date of the March's financial statement, Mitra Alam is still in the final process to commence its operation.
Mitrabahtera also secured US$8 million loan facility on February 17 from Indoensia Eximbank. The loan facility is used to procure three sets of tugboat and barge with credit terns in 72 months since the first drawdown date.
The loan is also pledged by three sets of tugboat and barges which are also finance by the bank and were partially drawan in April 2012.
Q1 performanceMitrabahtera reported a 71.06% increase in net profit in the first quarter of this year as revenue rose. MBSS posted a US$9.99 million in Q1 2012 from US$5.84 million in Q1 2011, while gross profit increased 36.38% to US$14.17 million from US$10.39 million. Mitrabahtera's revenue in Q1 2012 rose 42.66% to US$33.61 million from US$23.56 million.

Disclosure: No position at the stock mentioned above.

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