JAKARTA – The net profit of PT Pelita Samudera Shipping Tbk (PSSI) skyrocketed 289% to USD 9.9 million in the first quarter of 2022 from USD 2.54 million gained in the same period in 2021. Its EBITDA reportedly reached USD 11.9 million, soaring 78% from USD 6.6 million.
Iriawan Ibarat, President Director of Pelita Samudera Shipping, mentioned that the profit and its margin’s growth is a result of satisfactory performances brought in by all vessels in the company’s possession. “The revenue clocked up to USD 26.8 million, 31% higher than the revenue in the same period last year of USD 20.51 million. It was triggered by increases in revenue from term leases of tugs, barges, and bulk carriers,” he explained in a press release quoted Tuesday (10/5).
According to Ibarat, the higher demands of shipping coincided with global commodities price surges, including crude palm oil (CPO), coals, and nickel prices earlier this year. Additionally, PSSI bagged extra operating revenue of USD 3.4 million after divesting its assets in the form of a bulk carrier, two barges, and a tugboat. (LK/ZH)