HIT reports lower profit for 2002

JAKARTA: Publicly listed sea transportation company PT Humpus Intermoda Transportation (HIT) said on Wednesday net profit in 2002 dropped 33.7 percent to Rp 139 billion (US$15.62 million) compared to the level in the previous year.

The company said in its 2002 audited financial report that the lower profit was due to a decline in liquefied natural gas shipping orders and currency exchange losses.

HIT president Budhi Halim said that some foreign vendors were still reluctant to use the transportation service provided by the company as it was controlled by Hutomo "Tommy" Mandala Putra, the youngest son of the country's former authoritarian president Soeharto, who is now serving a 15-year jail term.

He said that the company had been trying hard to "resolve" the problem. He did not provide details.

Tommy, through his Humpus Group owns a 56.7 percent stake in the company. -- JP