ENGLISH
|
JAPANESE
|
CONNECT WITH US:
Home
About
Contact
Log in
*
Home
Press release
Jul 29, 2022 17:00 JST
Source:
PT Wintermar Offshore Marine Tbk
Wintermar Offshore (WINS:JK) Reports 1H2022 Results
JAKARTA, Jul 29, 2022 - (ACN Newswire) - Wintermar Offshore Marine (WINS:JK) has announced results for 1H2022. Total revenue was up 25%YOY to US$25 million, helped by higher chartered vessels revenue. Revenues rebounded in 2Q2022 by 39%QOQ as several vessels commenced operations after delays in 1Q2022. All Divisions turned in positive gross profit for the 2nd quarter reflecting higher demand for OSVs.
Owned Vessel Division
After recording a loss for 1Q2022, gross profit for 2Q2022 rebounded to US$2.1 million on revenues of US$7.9 million, +19%QOQ. This reflects a higher utilization rate for Owned Vessels in 2Q2022 of 70% compared to only 61% in 1Q2022. Gross Profit from Owned Vessels turned around to US$0.8 million in 2Q2022 compared to a loss of US$0.58 million in 1Q2022.
The three high tier vessels purchased recently were still awaiting the arrival of dynamic positioning equipment for an upgrade of their DP capability before conducting their Sea Trial and to be ready to sail.
On a YOY basis, Owned Vessel Direct expenses were 2% higher YOY, largely from higher fuel expenses incurred in a one-off demobilization of a vessel returning from work in Africa, offset by an 8% lower depreciation charge due to vessel disposal YOY. Revenue from Owned Vessels declined by 13% YOY due mainly to disposal of 7 Vessels in 2021. Gross Profit from Owned Vessels for 1H2022 amounted to US0.2 million compared to a US$2.7 million in 1H2021.
Chartering and Other Services
For 1H2022, Chartering Revenue jumped 205% YOY to US$7.96 million compared to US$2.6 million in 1H2021, reflecting some contracts in Brunei. For 1H2022, Chartering Division contributed Gross Profit of US$0.9 million (+150% YOY), while other services gross profit was also up significantly at US$1.15 million (+417% YOY).
Total Gross Profit for 1H2022 was US$2.27 million which was 31% lower YOY as compared to 1H2021.
Indirect Expenses and Operating Profit
Total indirect expenses for 1H2022 were US$3.15 million, up 20% as compared to 1H2021 with salary reflecting the highest increase of 31%.
At the Operating level, the Company recorded a loss of US$0.88 million for 1H2022, compared to US$0.7 million profit in 1H2021.
Other Income, Expenses and Net Attributable profit
For 1H2022, Interest Expenses fell 39% YOY to US$0.74 million as the Group continues to reduce outstanding bank debt. At 30 June 2022, the Net Debt to Equity (Net Gearing) amounted to 13%. Share of Equity in Earnings of Associates totalled US$0.38 million.
The Net Loss Attributable to Shareholders for 1H2022 was US$1 million compared to a loss of US$0.5 million for 1H2021.
EBITDA for 1H2022 was 29% lower YOY at US$5.3 million.
Outlook for Oil and Gas exploration
With Brent oil prices staying high during the 2Q2022, activity in upstream oil continued to be firm. The International Energy Agency (IEA) in its June Oil Market Report projected that global oil demand will reach 103m b/d in 2023, while total global oil output is still constrained due to sanctions against Russia. Westwood Global Energy research is projecting a strong industry upcycle for offshore investments through 2026 if oil prices stay high.
Stronger demand for OSVs have been seen worldwide, as utilization rates are higher across all geographic areas. However, although charter rates were higher in the North Sea and Middle East, they have not risen much yet in Asia Pacific.
Outlook
The Company is looking to better utilization in 2H2022 when the recently acquired PSVs will be ready for operation. There have been more requests for quotation and several new tenders announced in Indonesia and the Asian region. Charter rates for OSVs in Asia are expected to rise after utilization rates pick up further next year.
Contracts on hand as at end June 2022 totalled US$62 million.
About Wintermar Offshore Marine Group
Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.
Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.
For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: (62-21) 530 5201 Ext 401
Email:
investor_relations@wintermar.com
Source: PT Wintermar Offshore Marine Tbk
Sectors: Marine & Offshore, Oil & Gas
Copyright ©2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Latest Release
NEC DGDF Headquarters relocates to Zurich to accelerate growth and enhance management globally
Apr 28, 2025 16:03 JST
NEC achieves Japan's longest terrestrial wireless optical communication over 10 km
Apr 25, 2025 17:50 JST
Olympus Appoints New CEO
Apr 25, 2025 15:30 JST
DENSO Announces Year-End Financial Results
Apr 25, 2025 12:17 JST
DENSO and DELPHY Sign Memorandum of Understanding to Develop Data-Driven Smart Horticulture
Apr 24, 2025 18:43 JST
MyJCB App Wins "iF DESIGN AWARD 2025"
Apr 24, 2025 17:00 JST
Fujitsu launches new company 1FINITY to strengthen network products business
Apr 24, 2025 16:24 JST
MHIEC Completes Renovation of Core Facilities for Arita Municipal Recycle Plaza in Saga Prefecture
Apr 24, 2025 15:01 JST
NEC invests in U.S.-based "Geodesic Alliance Fund" aiming to strengthen economic security business
Apr 24, 2025 10:23 JST
MHI Thermal Systems Wins German Red Dot Design Award 2025
Apr 24, 2025 10:11 JST
ULVAC Develops Dilution Refrigerator for Quantum Computers
Apr 24, 2025 09:30 JST
Fujitsu expands strategic collaboration with Supermicro to offer total generative AI platform
Apr 23, 2025 11:55 JST
Furuya Metal and Asahi Kasei Embark on Demonstration Trial Regarding Recycling of Metals for Chlor-alkali Electrolysis Cells and Electrodes
Apr 23, 2025 11:00 JST
A Decade of Olympus India's Commitment to Community Welfare
Apr 22, 2025 13:00 JST
Fujitsu and RIKEN develop world-leading 256-qubit superconducting quantum computer
Apr 22, 2025 11:37 JST
Fujitsu Kozuchi AI technologies assist AKOS AI in delivering solutions for EU AI compliance
Apr 18, 2025 17:41 JST
Leqembi (lecanemab) is the First Medicine that Slows Progression of Early Alzheimer's Disease to be Authorized in the European Union
Apr 18, 2025 16:52 JST
Hitachi Industrial Equipment Systems Launches Next-Generation Inverter System to Support Stable, Resilient Power Grids
Apr 18, 2025 16:46 JST
MHIEC Receives Order from the Bureau of Sewerage of the Tokyo Metropolitan Government for Rebuilding of Sewage Sludge Incineration Facility
Apr 17, 2025 14:44 JST
Fujitsu collaboration with Supermicro and Nidec to reduce data center energy consumption
Apr 17, 2025 10:32 JST
More Latest Release >>
Related Release
Wintermar Offshore (WINS:JK) Reports 1Q2025 Results
April 28 2025 11:25 JST
Wintermar Reports Results For The Full Year Ended 31 December 2024
March 25 2025 13:00 JST
Wintermar Offshore (WINS:JK) Reports 9M2024 Results
October 29 2024 17:40 JST
Wintermar Offshore (WINS:JK) Reports 1H2024 Results
July 29 2024 13:00 JST
Wintermar Offshore (WINS:JK) Public Expose 2024
June 21 2024 14:00 JST
Wintermar Offshore (WINS:JK) Reports 1Q2024 Results
April 30 2024 16:48 JST
Wintermar Offshore (WINS:JK) Reports FY2023 Results
March 29 2024 10:15 JST
Wintermar Offshore (WINS:JK) Invests in Bruneian Company for Offshore Supply Vessel Operations
February 02 2024 14:00 JST
Wintermar Offshore (WINS:JK) Reports 9M2023 Results
October 30 2023 11:00 JST
Wintermar Offshore (WINS:JK) Reports 1H2023 Results
July 31 2023 17:00 JST
More Press release >>