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BLT plunges into $117m loss

BLT plunges into $117m loss
Indonesian tanker operator Berlian Laju Tanker plunged into the red last year following a drop in operating income and changes in the value of convertible bonds and its vessel fleet.

BLT plunges into $117m loss

Indonesian tanker operator Berlian Laju Tanker plunged into the red last year following a drop in operating income and changes in the value of convertible bonds and its vessel fleet.

The company, which is listed in both Jakarta and Singapore, said it reported a $117m net loss last year compared with a $24.9m net profit in 2008 based on international reporting standards. Under Indonesian reporting standards the net loss widened to almost $285.9m last year against a net profit of almost $218.4m in 2008.

Operating revenues dropped to $618.3m, down from close to $723.7m a year earlier. This included $475.9m in revenue from its chemical tanker fleet last year which was down from $534.4m in 2008 and $85.9m from its oil tanker business, which fell from $139.6m a year earlier.

The company also saw the value of its vessels fall by $24m last year, while the amortised cost of its bonds rose to $141.5m, last year up from $81.5m in 2008.

Commenting on the results and the outlook, directors Widihardja Tanudjaja and Michael Gunawan said: ?While global trade and industrial production shows signs of recovery, there are still certain challenges faced by the shipping industry.?

They added that several steps had been taken to maintain operations and profitability.

These included the generation of ?new long-term contracts across diversified geographic areas and industries". The company would also ?take advantage of the Indonesia cabotage opportunities? and ?improve its capital structure and liquidity?, the executives added.

The company generated a net gain of just $747,000 from the sale of two vessels last year compared with almost $50.9m from the sale of five ships in 2008.

Berlian Laju Tanker also had 13 vessels under construction that are due for delivery in 2010 and 2011.

www.turkishmaritime.com.tr

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