JAKARTA – Although the revenue of PT GTS Internasional Tbk (GTSI) dropped 45.37% in the third quarter (Q3) of 2023, this issuer managed to maintain profit growth. In Q3 2023, the company recorded 39.36% profit growth compared to the same period last year.

In the Financial Report of Q3 2023 quoted Friday (20/10), Tammy Meidharma, President Director of GTS Internasional, revealed that the revenue was recorded at USD 16.99 million, down from USD 31.10 million seen in the same period in 2022. Gross and operating profit both saw decline to USD 6.15 million and USD 5.81 million from the initial USD 10.91 million and USD 6.34 million.

Thankfully, the management successfully initiated efficiency in financial costs, bringing it down to USD 401,022, whilst securing net profit from associates worth USD 237,769. Thus, it managed to book profit of USD 6.32 million. In the same period last year, the financial costs borne by the company were USD 2.06 million. It also did not receive any portion from associates’ net profit, thus resulting in profit of only USD 4.60 million.

In Q3 2023, the contributors of revenue included vessel charter services for liquefied natural gas (LNG) of USD 16.52 million, tug and mooring services of USD 100,128, and management services of USD 369,000. Third-party consumers were BP Berau Ltd that covered 51% of the revenue, and PT Humpuss Transportasi Kimia of another 46%. (LK/ZH)