GTS International Targets Profit Of 4 Million US Dollars In 2023

Illustration. (Photo: Doc. Antara)

JAKARTA - The ship rental service company for LNG transportation and distribution, PT GTS Internasional Tbk (GTSI) recorded performance growth in the first quarter of 2023 by posting a net profit of US$2.15 million or around Rp. 31.74 billion.

GTSI's net profit jumped 69.88 percent year-on-year (yoy) compared to the same period in 2022 of 1.26 million US dollars. Although profit increased, the company's revenue slightly decreased 0.79 percent yoy to 10.36 million US dollars in the first quarter of 2023 compared to the previous year 10.44 million US dollars.

In detail, based on the segment, the company's revenue was supported by ship rental services amounting to 10.25 million US dollars, and crew and ship management services amounting to 162.928 US dollars. The revenue was deducted by the cost of eliminating 50,000 US dollars.

The company's cost of revenue increased 3.34 percent yoy to 6.45 million US dollars, compared to the previous year 6.24 million US dollars. As a result, the company's gross profit fell 6.95 percent to 3.9 million US dollars.

Even so, GTSI Director Dandun Widodo said the company's profitability throughout 2023 would decrease compared to last year.

"This year's performance will decrease slightly compared to last year, because two months our ship will be unemployed or lose around 3 million US dollars. So on a revenue and profit basis we will decrease slightly compared to last year," Dandun told reporters, Friday, May 12.

However, the company is trying to reduce revenue and profit in 2023 because there will be a docking of two ships, namely Eka Putra and Tri Putra. Dandun said that his party is targeting the profit target for the year of US$4 million, while the profit for the year running in 2022 is US$ 5.12 million.

"Our target is that this year's maximum will record a bottom line or a net profit of around USD 4 million," he said.

see_also]- https://voi.id/ekonomi/275432/sayonara-inflasi-harga-barang-adem-ayem-selama-ramadan-2023- https://voi.id/ekonomi/275621/jumlah-uang-beredar-susut-di-awal-ramadan-jadi-rp8-293-triliun-ada-apa-bi- https://voi.id/ekonomi/275711/bank-indonesia-pertumbuhan-ekonomi-tetap-kuat-ditopang-permintaan-domestik[/see_also]

Meanwhile, since 2021, the global liquid natural gas market has tightened and global gas consumption is expected to decline by 0.8 percent in 2022 as a result of a contraction of 10 percent in Europe and the absence of changes in demand in the Asia Pacific region.

The company predicts global gas consumption will only grow by 0.4 percent in 2023, but this prospect will also be affected by various global uncertainties such as the ongoing Russian and Ukrainian wars.

"Nevertheless, the liquefied natural gas industry in Indonesia in 2023 is expected to be more stable and less affected by supply from Russia. Natural gas is currently also the mainstay of the transition process from dirty energy to clean energy so that natural gas products are liquid or LNG in Indonesia is also expected to continue to increase," he said.