JAKARTA - PT Pelita Samudera Shipping Tbk (PSSI) booked a net profit of US$ 1.09 million in the first quarter (Q1) of 2020, lower than its record in Q1 2019 of US$ 2.19 million. The decline was mainly caused by the depreciation of the rupiah against US dollars.
As quoted from the company's financial statements published on Wednesday (3/6), the company's revenue actually rose from US$ 17.65 million in Q1 2019 to US$ 19.29 million. However, the company's financing cost also rose to US$ 1 million, due to the loss from derivative instruments (US$ 566,631), amortization of transaction costs for bank loans (US$ 32,480) interest on rent arrears (US$ 20,990) and interest on bank loans (US$ 384,770)
The biggest contributor to the company's revenue was floating loads and transportation (US$ 15.85 million), followed by future lease (US$ 2.90 million), demurrage (US$ 2013,622), and bunker adjustments (US$ 191,066). (LK/AR)