MBSS's 2010 net profit decreased

Indonesia?s top coal vessel provider PT Mitrabahtera Segara Sejati (MBSS) said on Wednesday that its audited 2010 net profit was down to 198.3 billion (US$ = Rp 8,715) from Rp 243.75 billion in 2009.

The net profit deceased despite the rise in revenue increased to Rp 763.31 billion from Rp 685.99 billion, the company said.

MBSS will float its shares in the Indonesia Stock Exchange on April 4. The company will offer 215 million new shares or about 12.3 percent of its enlarged shares during its initial public offering (IPO). The company is expected to raise between Rp 322.5 billion and Rp 408.5 billion from the IPO.

The IPO would be used to buy between 20 and 30 of new tugs & barges and floating cranes, with a capacity of between 1,200 and 2,800 horse power of tug boats, barges with a capacity of 270 and 365 feet and floating cranes, with a capacity of between 20,000 and 45,000 tons a day.

Indonesia-listed energy and contractor firm PT Indika Energy Tbk has an option to acquire 51 percent of MBSS? shares after the IPO. (denny)