Mitrabathera diversifies into non-coal cargoes

Move by IDX-listed sea transportation company PT Mitrabahtera Segara Sejati Tbk (MBSS) to diversify into non-coal cargoes such as iron ore, bauxite, cement clinker, and pipes for oil and gas industry has help the company compensated slowing business in the main coal transport amid industry downturn.

Investor Daily quoted on Saturday Finance Director Ika Bethari as saying that the value of non-coal load cargo transport made by the company last year soared by 240 percent to US$1.7 million from $0.5 million in 2012.

During the year, MBSS, which is a subsidiary of IDX-listed integrated energy company PT Indika Energy Tbk, saw revenue increased by 6.8 percent to $151.1 million compared to the previous year?s $141.4 million.

Net profit rose by 5 percent to $38.3 million.

President Director Rico Rustombi said that the diversification srategy contributed to last year?s financial performance.

Aside from cargo diversification, MBSS also diversifies its operational area into other areas such as the Philippines. (*)