Mitrabahtera books $10m losses in 2015

By Romel S. Gurky

IDX-listed sea logistics and transshipment service provider PT Mitrabahtera Segara Sejati Tbk (MSS) announced on Wednesday that it recorded a net loss of US$10.2 million in 2015 as sales declined significantly.

Revenue was recorded $89.8 million in 2015, declining 33.6 percent year on year (y-o-y). Barging services contributed the majority of revenue at $57.4 million, while the floating crane business contributed $32.4 million.

The company also suffered several non-recurring transactions amounting to $11.6 million and part of that of $10.1 million were non-cash transactions. As a result, the firm recorded a net loss for the year of $10.2 million. Had the company not suffered non-recurring transactions, its profit for the year would have been positive at $1.4 million, the firm said.

MSS anticipates continued pressure on the entire industry. A recovery in coal export demand seems unlikely given China?s still sluggish growth. Domestically, demand is expected to experience some growth, but with oversupply in the market it is unlikely that prices will improve, the firm said.

Editing by Johannes Simbolon