JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) records operating revenue of USD 45.7 million in the first half of 2021, climbing 29% from USD 35.5 million in the same period last year (year-on-year/yoy).
This growth is mainly supported by the contribution of the tug and barge (TNB) business of USD 17.2 million, approximately 37.64% of the total revenue of PSSI in H1 2021. This number is 23% higher than the one reported in H1 2020.
Additionally, the income from the motor vessel (MV) business line also grows 22% yoy to USD 14 million in H1 2021 from USD 11.2 million in H1 2020. The revenue from the FLF/FC sector is also reported to significantly increase by 44% yoy, from USD 10 million to USD 14.4 million in H1 2021.
Iriawan Alex Ibarat, President Director of Pelita Samudera Shipping, claims this growth has exceeded the expectation and the target set by the company. This inclination is also well supported by the high demand for coals in China and within the local market, which subsequently raises the requests for the company’s transportation vessel lease. By means of these several supporting factors, PSSI manages to score USD 4.3 million in net profit in H1 2021, extensively growing by 149% yoy.
“The quite challenging global economic situation, due to the pandemic, forces the company to be more adaptive and rely less on the coal transportation alone in securing business opportunities to create business longevity,” Ibarat tells idnfinancials.com further.
To maintain the positive trend of PSSI’s performance, Ibarat aims to continue diversifying the income sources outside the coal transportation, which has been taken into action since 2019. “In 2021, the company aims to secure 30% of the revenue from the non-coals sector, and it would keep being increased. We are currently working on expanding our diversification portfolio,” Ibarat claims.
As of June 30, 2021, the performing and non-performing assets of PSSI amount to USD 147.2 million. Its total liability is at USD 47.9 million, while its equity totals USD 99.2 million. (KR/ZH)