KONTAN.CO.ID – JAKARTA. The coal service transportation company PT Batulicin Nusantara Maritim Tbk (BESS) targets that performance in 2020 can increase compared to last year. This issuer is targeting revenue this year to increase by around 5% -10% and accompanied by an increase in profit of around 5% from last year’s performance.
Director and Corporate Secretary of PT Batulicin Nusantara Maritim Tbk Yuliana said the condition of the coal market last year was quite depressed so that it had an impact on the company’s performance which fell even though it was still in line with the target. Although it does not sell coal, Batulicin Nusantara Maritime’s performance is affected by the customer’s coal production.
This year, with the development of the corona virus which has begun to be handled, Yuliana is optimistic that her company can reach the target.
“Coal is a bit volatile, but for several months in 2020 we can still achieve with efficiency. So that we do not experience too much turmoil, “explained Yuliana at the Indonesia Stock Exchange (IDX), Monday (9/3).
The efficiency of the issuer is reflected in the use of funds from the initial public offering (IPO).
Of the total funds, as much as Rp 10.02 billion was used to pay part of the debt to PT Bank Pembangunan Daerah in South Kalimantan related to the purchase of new vessels. The payment is expected to reduce interest costs and reduce the principal installments.
The balance of the debt to the Regional Development Bank of South Kalimantan is Rp. 30.9 billion with a tenor of 5 years and an interest rate of 12.5%. After paying a portion of the debt, the remaining debt balance is IDR 20.88 billion.
Then as much as Rp. 11.28 billion or equivalent to 15.35% of the funds obtained from the IPO was used to buy three sets of new 330-foot jumbo (barge) vessels with a capacity of 9,000 tons.
Funds from the IPO to buy this ship are only part of the needs of the capital expenditure funds, aka capital expenditure (capex), which amounted to Rp 135 billion.
The entire capital expenditure budget is used by Batulicin Nusantara Maritim to buy new vessels. “So these three new ships are replacing rental vessels,” added Yuliana.
In addition, IPO proceeds amounting to Rp 17.63 billion were also used to pay interest-free debt to PT Batulicin Enam Sembilan for the purchase of ships. Then about 45.15% of the remaining IPO funds are used as working capital for debt payments to suppliers, loan interest payments and ship maintenance.
Batulicin Nusantara Maritime Commissioner Herman Simanjorang added his company had 15 barges and one landing craft tank (LCT).