Radiant Utama net profit jumps 81%

PT Radiant Utama Interinsco Tbk (RUIS), a publicly listed company involved in providing services to oil and gas industry, posted net profit of Rp 11.9 billion in the first half of 2011, soared by 81% from the same period last year of 6.6 billion. The increase was in line with the increase of its revenues.

The company posted revenues of Rp 550.6 billion in the period, increased 15% from the same period last year of Rp 478.6 billion. The revenue increased was mainly attributed to the rise of revenue contribution from its Operating Support division, which stood at Rp 361.5 billion in 1H11, up 22.7% from in the same period last year of Rp 294.5 billion.

The rise of revenues in Operating Support division was mainly driven by the company?s successful efforts in securing a number of big projects, including a US$ 20 million worth of oil and gas service project from a Production Sharing Contractor (PSC) in Sumatera for provisioning operation 6 hoist.

The company, however, did not disclose the name of the PSC.

The company?s offshore and inspection division posted revenues of Rp 108.6 billion and Rp 50.5 billion representing an increase of 14.4% and 6.1%, respectively, from 1H10.

The company reported that its operating expenses only increased 12.2% year-on-year. Therefore, operating profit increased significantly to Rp 25.8 billion in 1H11 or increased 23.8% year-on-year from Rp 20.9 billion in 1H10,while its operating margin increased to 4.7% from 4.4%.

The company?s profitability improved as seen by the increase of its gross and operating margin to 11.8% and 4.7% in 1H11 respectively. In addition, its net profit margin improved to 2.2% from 1.4% in 1H10.

The company reported that its total assets rose to Rp 685.4 billion in 1H11 from Rp 610.9 billion in 1H10,mainly due to increase in account receivables.

The company reported that its bank loan increased to Rp 280.9 billion. As a result, its net gearing ratio increased to 104.5%. ?However, the company believes the financial ratio will remain healthy as the EBITDA (earnings before interest, tax, depreciation and amortization) coverage ratio was still 3.5x in 1H11,? it said.

As of end of June 2011, the company has secured on hand contract with total value of Rp 2 trillion. This includes new projects secured by the company?s Operation Support division, worth Rp 682.9 billion.(roffie)