New vessels help Wintermar wins stronger revenue, profitability
Friday, November 29 2013 - 01:20 AM WIB
IDX-listed shipping firm PT Wintermar Offshore Marine Tbk (WINS) said that EBITDA during the first nine-month period of 2013 jumped by 60 percent to US$45.8 million compared to the same period of last year on 54 percent revenue growth, supported by expansion of 12 new higher value vessels during the year.
The company said in a statement received Friday that the strategy of adding to higher value fleet has pushed owned vessel revenues up by 42 percent year-on-year (YOY) in 9M2013, while margins on owned vessels expanded from 46 percent in the same period last year to 51 percent in the period under review.
In line with stronger demand for offshore support vessels(OSV)Indonesia this year following the rise in offshore exploration activities, WINS has revised up its fleet expansion to 12 new vessels against the original plan of only 8 new vessels.
Furthermore, the strict implementation of cabotage law since 1 January this year has limited the supply of available Indonesian flagged vessels, thus resulting in higher domestic charter rates.
By end September, WINS had taken delivery of 11 new vessels: 1 unit Platform Supply Vessel (PSV), 1 unit 5000 BHP Anchor Handling Tug and Supply Fast Utility Vessels (FUVs), 4 units Anchor Handling Tug (AHT) and 1 unit Heavy Load Barge (HLB). In October WINS took delivery of another 1 unit of 8000 BHP AHTS.
The total capital expenditure was $90million for the 12 vessels, which were financed by equity and bank debt.
The sharp increase in revenue resulted in 9 months 2013 gross profit up by 64 percent to $40.8million, as compared to $24.9 million in 2012. Higher value vessels now account for 60 percent of the company?s total fleet in numbers compared to 50% at the end of 2012.
WINS said there has been a pick up in drilling activity in deep water concessions and this has led to an 82 percent jump in chartered vessel revenue in 9M2013 to US$54.5million compared to US$29.8million in the same period last year.
The strong growth in owned as well as chartered vessel revenues this year has pushed our total gross profit for the first 9 months of 2013 to $40.8 million, an increase of 64 percent from $24.9 million last year.
Net Profit attributed to shareholders has increased by 27 percent year on year to $18.3 million while EBITDA has risen by 60 percent from $28.5 million last year to $45.8 million this period.
Editing by Reiner Simanjuntak