Berlian Laju Tanker third quarter net profit surges
Thursday, November 17 2011 - 01:19 AM WIB
The rise was supported by ?improved rates on most segments coupled with lower operating expenses and some non-cash items which compensated the significantly higher bunker costs in the quarter (3Q11)".
Its operating revenue in the third quarter stood at $163.3 million, the same level as 2Q2011.
?Overall, the operational financial performance in 3Q2011 is similar to that of 2Q2011 despite a continued difficult environment in the shipping market in general,? it said.
The company has shown the resilience of its portfolio of businesses, benefiting from consistency of gas and chemical tanker rates and continued strength of floating production, storage and offloading (FPSO) and floating storage offloading (FSO) segment and lower operating costs.
Total equity grew to $982.4 million in 3Q2011 from $839.1 million in 2Q2011, mainly contributed by the positive equity effect of the increased in retained earnings in 3Q2011. This has led to an increase in equity to total assets ratio of the company from 0.28x to 0.32x.
Through its offshore support subsidiary, PT Buana Listya Tama Tbk, the company will continue to grow its domestic businesses given the ample opportunities within cabotage environment which are characterized by long term and higher value-added contracts and projects with exceptional returns.
Currently, Buana Listya is participating in tenders for a Very Large Gas Carrier, Floating Offshore Coal Terminals, 2 FPSOs, and 2 FSOs contracts.
To support these high-value-added and deleveraging projects, the company's subsidiary, Buana Listya, is exploring various funding alternatives including bank financing as well as convertible bond issuance of around $50 million. (lucky)