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Pelita Samudera Shipping shows a 6% improvement in its Q1 2021 revenue

24 May 2021 10:35

JAKARTA. PT Pelita Samudera Shipping Tbk’s (PSSI) revenue grew 6% year-on-year (yoy) in Q1 2021, supported by the improvement of assets utilisation in all business lines.

Iriawan Alex Ibarat, the President Director of PSSI, stated that the company currently opts to conduct several strategic steps in the light of the gradually recovering global market condition. Additionally, PSSI also boosted its gross profit even higher to 24.5% in Q1 2021.

“In addition to its focus on multi-cargo commodities diversification, the company also maximised its capital expenditure on the fleet expansions by purchasing two units of tugboats in Q1 and optimised the utilisation of its assets,” Ibarat explained to idnfinancials.com.

According to the data received by idnfinancials.com, PSSI reported USD 20.5 million of revenue. Meanwhile, its net profit increased 54% yoy to USD 2.5 million.

Based on its business sector, the tug and barge (T&B) fleets contributed the most, adding USD 8.7 million in Q1 2021. Then, the floating loading facility (FLF) services added USD 5.9 to the revenue.

The other two primary commodities supporting the revenue gain were coals and nickels. The coal price has recovered since the end of 2020. Meanwhile, the average growth rate of nickel production reached 19% in 2021. It would maintain its positive trend, reaching 19% by the end of the year.

“We are targeting the revenue growth in 2021 to reach 10% to 15% from 2020,” Ibarat claimed. (KR/ZH)

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