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PSSI's revenue grew by 9% in Q1 2019

30 April 2019 13:50

JAKARTA. The revenue of PT Pelita Samudera Shipping Tbk (PSSI) grew by 9% to US$ 17.7 million, but its comprehensive profit fell by 15% to US$ 2.2 million in the first quarter (Q1) of this year.

Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said that this achievement was supported by the company's new business line, Mother Vessel (MV), since late 2018. Kiagoes said that this business line had contributed 250 thousand metric tons, of the total shipment volume of 7.8 million metric tons made during Q1 2019. "The MV transport capacity in Q1 2019 was 174,600 DWT (deadweight tonnage)," said Kiagoes.

Meanwhile, PSSI explained that the decline in comprehensive profit this year was caused by the company's operating expenses in Q1 2019. "There is an increase in the cost of revenue," Kiagoes said on Tuesday (30/4) through official statement received by idnfinancials.com.

In addition, PSSI has just purchased handy size MV vessel in Q1 2019. Thus, the company now owns 5 MV vessels. Nonetheless, PSSI claims to remain optimistic that it can maintain its financial performance this year. Kiagoes explained that it would rely on the MV ship business line to support this year's revenue performance.

"The MV ship segment is a big contributor to revenue that will accelerate the company's growth rate," Kiagoes explained. (KR/AR)

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