Buana Listya Tama Q2 net profit surged 989%
Tuesday, August 2 2011 - 04:00 AM WIB
In 2Q11, the company posted revenues of Rp 498.1 billion, surged 91% from the same period last year of Rp 261.3 billion. Operating profit has also jumped 246% to Rp 155.4 billion from Rp 44.9 billion.
Total assets of Buana Listya, a subsidiary of PT Berlian Laju Tanker Tbk (BLTA) has also increased by 11 %, and the Current Ratio, indicating the company?s capability to meet its short-term liabilities, has also increased from 0.17 times to 3.43 times. Meanwhile the Net Debt to Equity ratio has declined to 0.10 times from 0.67 times for the second quarter this year as compared with the period ending 31 December 2010.
The company?s segment result (operating income) from FPSO/FSO business unit soared by 1,180% to Rp 113.8 billion. The segment result from gas tanker operation surged 79.2%, while, the segment result from the chemical tanker has also seen a turnaround in this quarter, recording a profit of Rp 4.0 billion from a loss of Rp 4.4 billion in the same period last year.
?As shown in the results of operations of the different segments, the company has continued to perform well in the first half of the year with strong performances from almost all business segments and enjoyed stable operating cash flows as over 90% of the company?s revenue for 2011 is secured by time charter contracts from major oil and gas companies,? the company said in a statement.
The company said the encouraging financial performance was primarily contributed by the implementation of cabotage rule in Indonesia. In general, the company benefits from higher charter rates for its vessels with relatively longer charter period.
?Anticipating increased and additional needs for its services, the company is optimistic that it can continue to increase its operating performance,? it said in a statement. (romel)