MBSS Q1 revenue up 4%

By Tri Subhki R

IDX-listed integrated transport and logistic service company PT Mitrabahtera Segara Sejati Tbk (MBSS) posted higher revenue in the first quarter of 2014.

The subsidiary of IDX-listed PT Indika Energy Tbk booked US$38.2 million of revenue, or 4 percent higher than revenue in the same period of period last year.

However, MBSS Corporate Planning Director and CFO Ika Bethari said to Petromindo.com that the higher revenue did not translate into higher net income. The first quarter net income was $9.4 million or lower than $10.5 million in the same period of last year.

"We have seen the impact of the price pressure and gloomy coal market that we are now earning thinner margin," she said.

Under the current sluggish coal market, Ika said that the company is not targeting double digit revenue growth this year.

"Our first priority is to be able to maintain or renew contracts that will expire this year, which comprises of 30 percent of our total revenue," she said.

Editing by Reiner Simanjuntak