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Revenue and Gross Profit

The Company’s Gross Profit increased more than double, from the previous Gross Loss of USD 1 million in FY17 to a Gross Profit USD 1.5 million in FY18. This increase was caused by the decrease of 9% in Cost of Revenue YoY or approximately USD 2.6 million. The decrease in cost of revenue was due to the fact that almost all contracts in FY18 were ‘dry contract’ where the fuel costs were borne by the charterer. So, even though the Company’s revenue in FY18 was slightly less than FY17, around 0.5% less YoY, The Company’s Gross Profit increased compared to previous year.

General and Administrative Expenses

The Management continues in success to maintain and keep efficient operations especially in the indirect costs, thereby is able to keep pushing reduction from USD 4.3 million to USD 3.9 million in FY18 or dropped by 9% YoY.

Profit for The Year and Asset Impairment

With the condition of weakening prices of the offshore oil and gas support vessels, the company has again stated USD 36.1 million impairment.

Aside from impairment, the Company’s profit increased from the previous loss of USD 12.9 million to a loss of USD 9.3 million or improved by 28% YoY.

Strategy

Despite the increase in demand for offshore oil and gas supporting vessels, the Company continues to maintain and offer competitive charter rates while providing superior services and highest safety standard. This aim to further improve vessels’ utilizations. On the other hand, marketing innovation is urged to find and create needs not only directly from oil and gas companies, but also from rig providers and oil and gas supporting contractors. This will also improve the Company’s dependence on few customers or more diversified.

For 2019, the Company’s main target is to increase vessels’ utilization at the utmost, to still provide competitive charter rates, to further lower operating expenses and to always provide superior services and highest safety standards. Up to mid-March 2019, the Company has received USD 21 million worth of contracts.

For further information, please contact:

Adrianus Iskandar

CFO, Corporate Secretary & Corporate Relation

Telp (62-21) 6471 3088

Email: adrianus_iskandar@logindo.com

The post Result For The Year Ended 31 December 2018 first appeared on Logindo - PT Logindo Samudramakmur Tbk.

Gross Profit Improved
While the revenue of Logindo for 3rd quarter result was about the same as last year, Logindo gross profit rose 363% YoY to USD 1.3 million. This was caused by lower cost of revenue due to drop of fuel cost in 9 month result this year. The fuel cost dropped 63% YoY or USD 1.2 million. The drop was caused that almost all of the jobs in 2018 were under ‘dry contract’ which means the fuel cost were borne by the charterer.

Increase in Fleet Utilization
Fleet utilization gradually increased. From 47% in 2017 59% in 9 month result in 2018. This 59% utilization has exceeded LEAD target utilization of 57% or 10% increment from last year. Type of vessel that contribute on the increment were AHTS and AHTS DP from 50% and 42% in 2017 to 88% and 57% as of end September 2018. These AHTS and AHTS DP contributes 50% of LEAD revenue.

While the industry is still challenging and the charter rate is competitive, LEAD ensure that every contract won contributes additional cash to the company. This strategy pushed LEAD EBITDA to rise by 30% YoY from USD 5.7 million to USD 7.5 million.

Efficiency & Management

Management keep monitoring efficiency in General and Administrative Expenses without reducing office capabilities to manage and support vessel operation. Logindo managed to reduce General and Administrative Expenses by 15% YoY or almost USD 500,000 lower compare to last year.
Besides from commercial and operation, Logindo is on negotiation for loan restructuring with some of the lender. This will bring better cash flow for LEAD and healtier balance sheet. Within this year, LEAD has sold 3 vessels (1 tug boat and 2 flat top barges) which age were more than 20 years and no longer suitable for oil and gas industries. The disposal of these vessels together with un- productive assets contribute gain for the company in amount of USD 22 thousand.

Bottom line of this year 9 month result was improvement of profit (loss) for the year from (USD 8 million) loss to (USD 6.6 million) loss or improved 17% YoY.

For more information, Please Contact :
Adrianus Iskandar
CFO, Corporate Secretary & Corporate Relation
PT Logindo Samudramakmur Tbk
Tel (021) 6471 – 3088 Ext. 308
Email : adrianus_iskandar@logindo.com

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Kontan, 12 Januari 2017

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Kontan 14 Maret 2017

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Kontan, 9 Maret 2017

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Kontan 23 Januari 2017

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H.U Kontan – 19 April 2016

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Bisnis Indonesia – 19 April 2016

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