Pelindo III sees lower 2003 profit<\/p>\n
Rendi A. Witular
\nThe Jakarta Post
\nJakarta<\/p>\n
State-owned seaport operator PT Pelabuhan Indonesia III
\n(Pelindo III) has said that its net profit for 2003 may decline
\nby 14 percent, on lower trading activities and higher operational
\ncosts.<\/p>\n
Pelindo III president Bambang Darwoto said that the company's
\nnet profit until the end of this year was projected to decline to
\nRp 307 billion (US$36.1 million), from Rp 358 billion last year.<\/p>\n
Revenue from operation is expected to drop by 40 percent to Rp
\n809 billion, from Rp 1.35 trillion last year.<\/p>\n
"There will be a decline in our profit this year on lower
\ntrading activities," he said during a hearing with the House of
\nRepresentatives Commission IX for finance on Monday.<\/p>\n
However, Bambang refused to elaborate further on the causes of
\nthe decline.<\/p>\n
But based on the company's financial report submitted to the
\nHouse, as of September this year the company had spent Rp 361
\nbillion on operational costs, with the largest spending of Rp 102
\nbillion on "general" expenses.<\/p>\n
On the other hand, the company's revenue from operations only
\nreached Rp 575 billion, with other (non-operations) income
\nreaching Rp 43 billion.<\/p>\n
In the first nine months of this year, container volume at
\nports managed by Pelindo III reached 1.64 million twenty-foot
\nequivalent units (TEUs). The company is hoping to reach their
\nmodest target of 2.15 million TEUs before the end of this year.<\/p>\n
The company did not provide any comparison figures.<\/p>\n
Pelindo III -- with headquarters in Indonesia's second largest
\ncity Surabaya -- operates 37 seaports, including in Central Java,
\nEast Java, Bali, West Nusa Tenggara, East Nusa Tenggara, South
\nKalimantan and Central Kalimantan.<\/p>\n
Meanwhile, on the contrary, the company's peer PT Pelabuhan
\nIndonesia II (Pelindo II) has said that it would enjoy an 11
\npercent increase in net profit this year to Rp 426 billion, from
\nRp 384 billion last year.<\/p>\n
Pelindo II president Abdullah Syaifuddin said that as of
\nSeptember this year the company had recorded a net profit of Rp
\n356 billion (US$41.8 million) and an operational income of Rp 987
\nbillion.<\/p>\n
The company estimated that its revenue from operations would
\nreach around Rp 1.31 trillion this year.<\/p>\n
Syaifuddin said that the possible jump in net profit this year
\nwas mostly attributable to the increase in container volume and
\nto efficiency in the company's operation.<\/p>\n
"As of September, container volume recorded in our ports has
\nincreased by 2 percent to 2.3 million TEUs," he said in the same
\nhearing with the Commission IX.<\/p>\n
He expected that container volume managed by the company would
\nreach around 3 million TEUs at the end of this year.<\/p>\n
Pelindo II, with headquarters in Jakarta, operates 12
\nseaports, including in Jakarta, West Java, Banten, West
\nKalimantan, South Sumatra, West Sumatra and Jambi.<\/p>\n
However, around 70 percent of Pelindo II profits are derived
\nfrom the operation of its subsidiary PT Jakarta International
\nContainer Terminal, a joint-venture company with Hongkong-based
\nseaport operator Hutchison Port Holdings Group, and from the
\noperation of Tanjung Priok passenger and non-trading port.<\/p>\n
Pelindo II is currently working on a Rp 6.5 trillion deep-sea
\nseaport project in Bojonegara, Banten. The port is projected to
\nhave an installed capacity of at least 3 million TEUs.<\/p>\n
Syaifuddin said that the company had spent around Rp 300
\nbillion on clearing around 120 hectares -- out of the 1,200
\nhectares needed for the seaport.<\/p>\n
He explained that the company had proposed to the government
\nto help fund 40 percent of the project, while the remaining 40
\npercent would be offered to foreign investors. The government
\nwill open a tender process for new strategic investors in 2005.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pelindo-iii-sees-lower-2003-profit-1447899208",
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"sponsor": "Okusi Associates",
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