New vessels push Wintermar?s revenue, profit higher
Wednesday, August 7 2013 - 02:04 AM WIB
IDX-listed shipping company PT Wintermar Offshore Marine Tbk (WINS) said that newly acquired vessels help the company achieved higher revenue and profit during the first semester of this year.
WINS said in a statement last week that during 2013, the company took delivery of 7 new vessels, 3 of which started operations in the first quarter and 4 new vessels in the second quarter. These 7 vessels comprise of 4 Fast Utility Vessel (FUV), 1 Platform Supply Vessel (PSV), 1 Anchor Handling Tug and Supply (AHTS) and 1 Heavy Load Barge (HLB).
?Combined with the full operation of 2 AHTS and 1 Anchor Handling Tug (AHT) acquired in 2012, these new vessels contribute to the 29 percent increase in revenue of US$ 9.4 million to reach $ 41.7 million,? the statement said.
The increase in revenue results in an increase in gross profit for the first half year 2013 to $20.8 million from US$ 15.7 million in the same period of last year.
?Higher value vessels now account for more than 50 percent of our total fleet, which has also contributed to an improvement in gross profit margin to 49.9 percent whereas the average utilization rate at 73 percent is similar to the equivalent period last year,? the company said.
WINS further explained that with the demand for higher technology in vessels to support the increasing activity in deep water oil exploration, the income from chartering has increased 78 percent this semester to $35.8 million from $20 million for the same period last year. Gross profit from chartering has risen to US$ 2.4 million for the semester compared to $1.1 million achieved last year. The implementation of cabotage for offshore operation support since December 2012 has also resulted in better rates, leading to an improvement in gross margin from 5.6 percent to 6.9 percent this semester.
The total gross profit for the first semester of 2013 is US$ 24.8 million and represents an increase of 39 percent from US$ 17.9 million last year. However, because of the strong growth in Chartering Revenues, the change in business mix has resulted in an overall reduction in gross margin from 31.5 percent last year to 30.3 percent this semester.
Net Profit attributed to shareholders has increased by 10 percent year-on-year to $11.3 million while EBITDA has risen by 38 percent from $ 20.3 million last year to $28 million this semester, WINS said.
Editing by Reiner Simanjuntak