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PSSI's net profit grew by 44% YoY

23 March 2020 10:25

JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) recorded 44% net profit growth in 2019, from US$ 7.9 million recorded in 2018  to US$ 11.3 million.

Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said the net profit was supported by the growth in the company's operating revenue, which grew by 19% to US$ 11.8 million. This growth was also supported by an increase in floating cargo and freight rates by 31.2% to US$ 2.49 per metric ton.

PSSI had purchased 4 units of Bulk Cargo ships (MV) in 2019. With a total of 6 ships in operation, the company's cargo capacity has increased by 277% from 63 thousand DWT to 237.5 thousand DWT.

In addition, the company also purchased 3 units of Tug and Barge (TNB) and 3 units of Floating Load Facility (FLF). So that the company's total fleet capacity rose by 55% to 546.1 thousand metric tons.

"In the midst of the challenges of thermal coal prices, our total transport volume has reached 96% of the 2019 target or 30.2 million metric tons," Kiagoes explained to idnfinancials.com this morning.

For information, coal transportation is one of the main business segments worked on by PSSI. (KR/AR)

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