Jakarta, 15 March 2016
PT Logindo Samudramakmur Tbk. (“Company”), a company engaged in the offshore support services for the oil and gas industry, today announces its financial statement for the year 2015. The financial statement has been audited by KPA Purwantono, Sungkoro & Surja (Ernst & Young)
President Director, Eddy Kurniawan Logam, stated : “ The decline in the vessel utilization and charter rates during the year 2015 has caused the reduction in the Company’s revenue by 32% over the previous year. The Company has only managed to record total revenue of US$ 47.1 million for 2015. This is related to the depressed industry activity and market demand in line with the falling global oil price throughout 2015. The biggest negative impact was in the drastic reduction of utilization for our bigger vessels, which has in the previous year contributed significantly to the total Company’s revenue.”
Chief Financial Officer, Sundap Carulli, added : “The Company has implemented cost reduction through efficiency programs such as reduction in crew, vessel repair and maintenance, and by warm-stacking inoperative vessels. Nevertheless, due to many expense items of fixed nature such as salaries, depreciation, as well as financing charges, in the end the Company only managed to book profit the year amounting USS$ 49,293”
Eddy continued : “ The current business situation is still challenging due to uncertainty in the global price. Not withstanding this, we are determined to continue to move forward and adapt to the industry condition while maintaining prudent cash flow in order to compete and survive sustainably. The Company is also committed to provide its customers with the best services. On the other hand, we will continue to make strides and break-through in enhancing our operating efficiency within the framework of reducing our operating and financing cost.
We will re-invent ourselves through change management, and to prepare related diversification plan in the near future, so that in time we would be in a better and ever-ready position to reap in the next business opportunity.”
PT Logindo Samudramakmur Tbk.
Head Office
Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention : Corporate Secretary / Investor Relation
Email : corporate@logindo.com
Website : www.logindo.com
Kantor Cabang
Komp. Balikpapan Baru Blok G1 No. 7
Balikpapan,
Kalimantan Timur – 76114
Phone : +62 542 872 090
Fax : +62 542 876 963
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