JAKARTA - PT Steadfast Marine Tbk (KPAL), a shipping company recorded a comprehensive profit of Rp 8.73 billion in the third quarter of 2018, a drop of 3,987% compared to the previous level (Rp 356.94 billion). The drop was unexpected since in June 2018, the company had released its stock on public offering, which was believed to be able to improve their performance.
Based on the company's financial report in the third quarter of 2018, the revenue was recorded at Rp 83.95 billion, declined from Rp 364.53 billion. Meanwhile, its gross profit was recorded at Rp 34,52 billion and cost of revenue was at Rp 49.43 billion. In the same period of 2017, its gross profit was recorded at Rp 66.55 billion and the cost of revenue was recorded at Rp 297.97 billion.
One of the segment services that showed a decline was the vessels project (Rp 333.54 billion in 2017 to Rp 46.65 billion in 2018). However, other services showed a rise, such as vessels charter (from Rp 28.86 billion to Rp 33.27 billion) and other services (from Rp 2.12 billion to Rp 4.02 billion).
The operating profit recorded Rp 17.25 billion, a decrease from the previous level (Rp 38.16 billion). The loss before tax was recorded at Rp 8.09 billion, declined from Rp 8.84 billion due to the rising finance expenses of Rp 25.35 billion, while its financial income was recorded at Rp 43 million. The loss for the period was recorded at Rp 8.51 billion, declined from Rp 6.46 billion of net profit in the previous period. (LK/AR)