JAKARTA. Sea freight company PT Pelita Samudera Shipping Tbk (PSSI) pocketed an additional net profit of US$ 1.9 million in October 2019, bringing the company's total consolidated net profit to US$ 9.2 million throughout January to October (10M).
According to PSSI Corporate Secretary Imelda Agustina Kiagoes, the achievement was supported by the company's revenue which grew 22% year on year (yoy) in 10M-2019 to US$ 62.7 million. In the same period last year, the company had recorded US$ 51.3 million in revenue.
However, PSSI's net profit in 10M was still lower compared to last year, which had seen the company posted US$ 9.39 million in net profit. "There was a profit from the sale of one FLF (floating loading facility) in September 2019 amounting to US$ 7.6 million, which contributed to the 19% profit growth in October 2018," said Ms Kiagoes in an official statement.
In the fourth quarter this year, Ms Kiagoes explained, the company will cut costs, accelerate vessel improvement and maintenance, and maintain vessel utility at 94%. The company also plans to expand its fleet to reach its organic target growth of 20% to 25% in 2019. (KR/MS)