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Humpuss Intermoda cuts 2015 target on slow LNG transportation business

An LNG carrier owned by Humpuss Intermoda [Image : Humpuss Intermoda]
An LNG carrier owned by Humpuss Intermoda [Image : Humpuss Intermoda]
JAKARTA (rambuenergy.com) – PT Humpuss Intermoda Transportasi Tbk has slashed its 2015 revenues target to US$72.6 million from early target of US$100 million on the back of slowing down liquefied natural gas (LNG) transportation business.

President Director of Humpuss Intermoda Theo Lekatompessy told reporters on Wednesday after the company’s shareholders meeting that in the first quarter the company relied on ongoing contracts. There were no new contracts secured in the first quarter as there no companies conducting new LNG transportation tender.

In the first quarter, the company posted revenues of US$14.07 million, down 20.15 percent from the same period last year of US$17.62 million. Its net profit also dropped to US$795,119 from US$893,626.

He expects the LNG transportation would remain flat in the second and third quarter and would start recover in the last quarter. In the second quarter, the company took part in a LNG transportation tender held by state electricity company PT PLN. If Humpuss won tender, it could add US$25 million revenues per annum.

Humpuss Intermoda is owned by late president Soeharto’s son Hutomo Mandala Putra, known as Tommy. The tanker vessel company is part of the diversified Humpuss Group. (*)

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