Humpuss revenue from Pertamina to fall

The Jakarta Post, Jakarta

Shipping firm PT Humpuss Intermoda Transportasi said on Wednesday that it was trying to reduce its dependence on revenue exposure from state oil and gas company Pertamina.

"Pertamina-related revenue is still dominant, contributing 74 percent of last year's revenue ... This year it should decrease to 60 percent," said president director Eddy Pramono after the company's general shareholders' meeting, which approved a dividend payment of Rp 12.57 billion (US$1.32 million) or Rp 30 per share.

"Although the proportion will decrease, the nominal value will remain roughly the same," said Pramono.

Last year, Humpuss Intermoda earned a total revenue of Rp 711.9 billion, of which Rp 527.3 billion came from Pertamina- related contracts.

The 2004 revenue was increased by 6.23 percent from 2003's Rp 670.2 billion, out of which 75 percent was attributable to Pertamina.

Pramono said the company expected this year's total revenue to reach Rp 900 billion.

Humpuss Intermoda booked a net income of about Rp 50 billion in the first quarter of this year, in line with the company's projection of between Rp 190 billion and Rp 200 billion in profit this year.

Despite a decrease in operating income from Rp 265.2 billion in 2003 to Rp 260 billion in 2004, the company's net profit increased by 2.11 percent to Rp 150.7 billion in 2004 due to deferred tax benefits.

Pramono said the company had received indications that Pertamina would renew two shipping contracts worth Rp 60 billion, which will expire this year.

"However, renewed contracts with Pertamina will probably be one-year commitments," he said, adding that the eight current contracts had terms of 10 to 20 years, with the latest expiring in 2010.

To lessen its dependence on Pertamina, the company has also planned to add 16 tug boats and 16 barges this year to expand its market share in the lucrative coal transporting sector, he added. (002)