PT Berlian Laju Tanker Tbk, shipping giant company, raise US$24.49 million net profit during the first half of this year, a reversal from net loss at the end of June last year at level US$172.79 million.
Berlian Tanker booked US$34.99 million net other charges in 1H 2010 from US$239.93 million. The operating profit sank 10.89% from US$67.59 million in 1H 2009 to US$60.23 million in 1H 2010 on the back of higher cost of goods sold by 14.71% from US$223.79 million in 1H 2009 to US$256.70 million.
Operating revenue slightly increased 7.85% from US$305.67 million in 1H 2009 to US$329.66 million in 1H 2010.
On May, Berlian Tanker announced that it has been awarded a new charter contract by Kangean Energy Indonesia Ltd (KEI) which operates the oilfield development in the Kangean PSC Block in Pangerungan Utara (PUO).
The Kangean PSC is operated by KEI in which PT Energi Mega Persada has an effective 50% working interest while Mitsubishi Corporation and Japan Petroleum Exploration Co. Ltd. respectively own 25 percent. The contract is worth approximately US$81million with a four year period including option and will commence around October 2010.
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