Wintermar reports net profit in H1 jumped by 69%

Indonesia listed firm PT Wintermar Offshore Marine Tbk reported Friday that its net profit jumped by 69.4% to Rp 79 billion (US$ = Rp 8,500) in the first semester of 2011 from Rp 47 billion in the previous corresponding period.

Revenues rose by 75% to Rp 472 billion in the 6 months ending 30th June 2011 compared to the same period in the 2010.

As activity in the upstream oil and gas sector was robust, the company?s Chartering Division saw revenue growth of 134% compared to 1H-2010, and gross profit contribution from this division rose from only Rp 1 billion in 1H-2010 to Rp 10 billion in 1H-2011.

During 1H-2011, Wintermar took delivery of 6 units of vessels and sold 3 units resulting in a total fleet of 62 vessels owned as of June 30, 2011.

The company has submitted bids for 42 new tenders in 1H2011 and during that period, it received 26 awards for total outstanding tenders that were under evaluation. As disclosed in the mid-year financial statements, the total outstanding value of contracts in hand as of June 30, 2011 amounted to US$ 102 million.

The strong demand for offshore support vessels arising from higher activity in upstream oil and gas in Indonesia and the unique market opportunity presented by the cabotage regulation is positive for the company. Assuming no adverse changes in operating conditions or exchange rate movements, the company expects to be able to achieve the net profit growth target of 40-45% in FY2011.(romel)