Capitol Nusantara Optimistic Capital Defficiency Can Continue To BE Pressed Along With Revenue Growth

Screenshot of the Corporate Secretary of PT Capitol Nusantara Tbk, Riduwan Kosasih during a virtual Public Expose, Thursday, December 22.

PT Capitol Nusantara Indonesia Tbk (CANI) is optimistic that the negative equity value until next year will continue to decline, along with the revenue growth trend until the end of June 2022.

"To be able to make positive equity in the following years, of course we must be able to record a net profit. Our revenue (per the second quarter of 2022) is able to record growth," said CANI Corporate Secretary Riduwan Kosasih during a virtual Public Expose in Jakarta, Thursday 22 December.

Riduwan said, as of June 30, 2022, CANI's total revenue reached 3.05 million US dollars or increased compared to the same period in 2021 of USD 2.66 million. However, the cost of revenue during the first six months of 2022 was recorded to have increased to USD 5.99 million from USD 5.49 million in the same period in 2021.

Thus, as of the second quarter of 2022, the company posted a gross loss of US$2.94 million or slightly larger than the second quarter of 2021 which was worth US$2.83 million. Meanwhile, CANI's net loss for the period ending June 30, 2022 was US$1.93 million, an increase compared to the same period in 2021 of US$1.86 million.

Riduwan said that next year the company will focus more on reducing the amount of cost of revenue as well as general expenses, administration and operating expenses.

"We will make efficiency in a number of cost posts and of course still boost revenue," he said.

According to Riduwan, the amount of CANI's capital deficiency as of June 30, 2022 was 26.28 million US dollars or greater than as of June 30, 2021, which was worth 24.36 million US dollars. The total liabilities at the end of the second quarter of 2022 were recorded at 46.27 million US dollars or managed to be reduced compared to the second quarter of 2021 which reached 48.54 million US dollars.

In his presentation, Riduwan showed that throughout 2021-2022, CANI did not increase the number of fleets, but instead sold its fleet of ships. So, currently the company has 42 ships and two Crawler Crane units.

In 2021-2022, he continued, CANI's biggest contribution came from the time charter ship rental service which contributed US$2.79 million or 91.5 percent of the total revenue.