BULL manages to increase its net profit by 175.86%
JAKARTA. PT Buana Lintas Lautan Tbk. (BULL) booked a net profit of US$ 40 million in the third quarter (Q3) of 2020, 175.86% higher than its record in Q3 2019 of compared to the same period previously of US$ 14.5 million.
In the disclosure submitted to the Indonesia Stock Exchange on Monday (3/11), BULL managed to almost double its revenue (from US$ 74.8 million to US$ 144.7 million), mainly due to the revenue from the international market.
At the same time, the average Time Charter Equivalent (TCE) revenue for all BULL tankers rose, due to BULL's effort to expand to international markets.
In addition, the TCE price levels for Long Range 2 (LR2) and handy-sized tankers rose by 60.4% and 22.4% respectively on average in the international market. (AM/AR)