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BAHTERA ADHIGUNA DECLINES IN FINANCIAL PERFORMANCE DESPITE INCREASE IN INCOME.

Business in the sea transport has also been badly hurt by the crisis. Many industrial companies have been forced to slow down production resulting in a decline in exports and imports that need sea transport.

PT Pelayaran Bahtera Adhiguna, a state-owned shipping company, could not escape the malaise. Although it still posted an increase in income, its profit shrank in 1999 because of bigger non business losses.

The company, which operates six cargo ships and a barge reported a net profit of Rp 5.4 billion in 1999 or a decline of 35% from Rp 8.4 billlion in the previous year.

The decline in the net profit was caused by foreign exchange losses. In 1998, the company posted a profit of Rp 4.96 billion but in 1999, it suffered a loss of Rp 930 billion in non business activities.

The company still recorded encouraging performance in its core businesses - sea transport, ship agency, sea cargo forwarding business and technical services. This was indicated by an increase in income from Rp 40 billion in 1998 to Rp 49.1 billion last year.

Table - 1 Business performances, 1997 - 1999
 (Rp million)

Description 1997 1998 1999

Income 34,081.0 40,034.0 49,103.0
Cost of goods sold 25,530.0 28,756.0 31,910.0
Gross profit 8,551.0 11,278.0 17,193.0
General costs 6,922.0 7,279.0 10,086.0
Business profit 1,629.0 3,998.0 7,107.0
Non business profit 1,862.0 4,960.0 (930.0)
Profit before tax 3,491.0 8,959.0 6,177.0
Corporate tax 514.0 598.0 753.0
profit after tax 2,977.0 8,360.0 5,424.0



Source: PT Bahtera Adhiguna

Sea transport still potential

In addition to sea transport, Bahtera Adhiguna operates in other supporting businesses such as ship agency, forwarding business and ship repair services. It has a subsidiary PT PBM Adhiguna Putera operating in loading and unloading in a number of ports in the country.

In line with the government regulation No.35 in 1971, the company was promoted in status to a limited company named PT Pelayaran Bahtera Adhiguna, the first PT under the communications ministry. With the issuance of a presidential instruction No. 4 in 1985, PT PBM Adhiguna Putera took over business in terminal operation.

The core businesses of PT Pelayaran Bahtera Adhiguna are:

- Archipelagic and ocean going transport - Domestic and foreign ship agency - Ship cargo forwarding - Other related businesses

It has six cargo ships, a barge and a sailing vessel Maruta Jaya-900. Its cargoes include coal in bulk, logs, clinker, fertilizers, rice, sugar, palm kernel oil, pulp, iron sand, cement in bulk and in bags, animal feed and general cargoes.

It cooperates with other companies mainly state companies such as coal mining PT Tambang Batubara Bukit Asam, general mining company PT Aneka Tambang, fertilizer producing PT Pusri, cement maker PT Semen Gresik and PTY Semen Tonasa and the Board of Logistics (Bulog).

It also cooperates with a private company in the operation of two ships under regular time charter.

Business in sea transport, which is the main contributor to its income, still is good. In 1999, its business production in shipping totaled 2.3 million tons, down 10% from 2.6 million tons in the year before. The decline was caused not because of a decline in performance but more by the docking of one of its ship MV Adh Muliamarga, which reported a production of 15,400 tons in 1998.

Table - 2 Shipping business of Bahtera Adhiguna, 1998 - 1999
 (ton/[m.sup.3])

 1999
Name of ship 1998 Plan Realization

Mv Adh Nugraha 56,925 64,411 55,067
Mv Adh Jaya 20,908 63,966 61,697
Mv Adh Purnamarga 28,090 55,847 45,456
Mv Adh Muliamarga 15,444 - -
Mv Adh Muliamarga (Teus) 850 8,593 10,022
Mv Adh Rayamarga 44,044 19,244 19,244
My Adh Rayamarga (Teus) - 3,370 2,758
Mv Tarahan 2,283,373 1,825,479 2,014,082
Barge BA-1/Tb Sapu Laut/
TB Gemilang Samudra 144,906 139.911 131,987
Sailing Vsl. Maruta Jaya 900 5,261 6.704 6,039

Total (Ton/m3) 2,598,951 2,175,562 2,333,572
Total (Teus) 850 11,963 12,780



Source: PT Bahtera Adhiguna

Business in ship agency and forwarding up

Ship agency is a service business preparing visits by ships including permits allowing ships to enter and leave Indonesian ports both Indonesians and foreign ships. Users of the services are both foreign and Indonesian shipping companies operating ships to and going out of Indonesian ports.

Bahtera Adhiguna is still relied on by 60 shipping companies both domestic and foreign companies as their agent.

The company's agency business is supported by 17 branches in major ports in the country.

Its income from the ship agency is increasing as indicated by the number of calls of ships handled by it.

Table - 3 Performance in ship agency
 (calls)

Head office & branches 1998 Plan Realization
 1999 1999

Head office 375 350 263
Branch offices:
- Tanjung Priok 433 390 360
- Surabaya 613 636 162
- Gresik 152 173 147
- Banjarmasin 581 560 531
- Padang 328 332 350
- Cilacap 61 78 70
- Merak 600 564 506
- Panjang - 177 111
- Paiton - 224 246
- Tanjung Wangi - 261 506
- Lhokseumawe 358 409 365
- Belawan 235 171 207
- Tanjung Pinang 793 837 830
- Kotabaru 2,762 2,957 3,277
- Samarinda 149 132 78
- Balikpapan 326 316 322
- Ujung Pandang 91 101 131

Total 7,857 8,668 8,462



Source: PT Bahtera Adhiguna

Sea cargo forwarding (EMKL) services constitute getting goods out of and to port areas and securing the license for both interisland and international cargoes. Currently EMKL activities are handled by 10 branch office under the coordination of the head office.

Income from the activities also increased. In 1999 the company production from EMKL services totaled 1.6 million tons, up from 1.4 million tons in the year before.

Table - 4 EMKL service production
 (Ton/[m.sup.3])

Branch office 1998 Plan Realization
 1999 1999

- Belawan 15,554 33,718 37,578
- Padang 297,934 283,933 135,382
- Merak/Panjang 163,559 177,055 178,227
- Tanjung Priok 20,410 67,654 66,068
- Cilacap 35,416 57,968 52,426
- Gresik 523,844 551,029 751,958
- Surabaya 228,554 147,201 21,763
- Banjarmasin 111,647 259,867 320,396
- Ujung Pandang - - -
- Tanjung Wangi - 114,988 58,933

Total 1,396,918 1,693,413 1,622,731



Source: PT Bahtera Adhiguna

Business in technical dock

The company has a technical dock operating in ship repair and maintenance in Tanjung Priok. The facility is a profit oriented unit but it also serves to maintain the ships owned by the company.

The facility has :

- Water front 55 m long and 3.5 meters deep that could serve as floating repair facility for ships, barges and tug boats measuring 55 m x 3.5 m draft

- Yards 900 sq.m. wide that could dock tug boats, speed boats and barges of small size (up to 100 ft long)

- Workshop and equipment such as lathes, scrap engine, cutters, welding machines, press machines, drilling machines and rolling machines.

In 1999, the production of the business was 45 orders down from 60 orders in the previous year or from the target figure of 57 orders.

Table - 5 Performance of Technical Dock
 (Orders)

Activities 1998 Plan Realization
 1999 1999

Repair of own ships 27 38 19
Repair of other ship 33 19 26

Total 60 57 45



Source: PT Bahtera Adhiguna

In 1999, Bahtera Adhiguna maintained long term cooperation between state-owned companies and Indonesian private companies.

Cooperation with state firms includes:

- 15 year contract with PT Tambang Batubara Bukit Asam to end until 2003. Negotiations have been made to renew the contract.

- 10 year contract for the transport of cement in bulk between Biringkasi and Samarinda with PT Tonasa and similar contract for ten years for the transport of cement in bulk between Biringkasi and Banjarmasin. To meet the contract a special barge measuring 6,500 DWT has been procured from PT PANN and the barge has been in operation since early 2000.

Cooperation with Indonesian private companies covers:

- Joint operation and own ship time charter with a third party PT Triarga Tirta Line effective since March 1999.

- Cooperation is being worked out with PT Pelindo II to develop Technical Dock at Jl. Paliat Tanjung Priok.

- Agreement on Handling Agent for coal transport ships with PT Arutmin Indonesia in Tanjung Pemancingan, Senakin, Satui and Petangis (coal terminal around Kota Baru) has been extended for 5 years until 2005.

Meanwhile, in order to meet the rule of International Maritime Organization (IMO) and demand from service users, the International Safety Management Code is adopted for all ships owned by the company. The ISM Code certificate has been handed over to KM Tarahan late June 2000 and to other ships.

In order to reduce idle time in ship operation, method of repair of machines and decks is made through floating and running repair repair using the working unit of the Technical Dock.

Financial performance tends to decline

Bahtera Adhiguna reported positive development in 1999, but its net profit dropped that its overall performance showed a decline. Financial data showed that assets in 1999 declined while liabilities tended to increase and net profit fell. See the following table.

Table - 6 Financial data of PT Bahtera Adhiguna
 (Rp million)
Description 1997 1998

Total assets 61595.7 72,532.0
Current assets 37396.5 49,556.6
Fixed assets 18234.1 16,010.8
Other assets 2748.8 3,748.3
Capital participation 3216.3 3,216.3
Total liabilities 32567.6 36,740.9
Current liabilities 21102.3 27,351.1
Long term liabilities 11465.3 9,389.8
Capital and reserve 29028.1 35,791.1
Income 34081.0 40,034.0
Net profit 2977.0 8,360.2
Ratios (%):
- Current assets/current liabilities 114.8 181.2
- Net profit/income 8.7 20.9
- Net profit/capital 10.2 23.3
- Net profit/total assets 4.8 11.5
- Total liabilities/capital 112.2 102.6
- Total liabilities/total assets 52.9 50.6

 (Rp million)
Description 1999

Total assets 71,609.2
Current assets 48,633.8
Fixed assets 14,314.9
Other assets 3,613.0
Capital participation 5,812.8
Total liabilities 36,954.7
Current liabilities 30,473.5
Long term liabilities 7,109.6
Capital and reserve 34,654.6
Income 49,103.0
Net profit 5,424.1
Ratios (%):
- Current assets/current liabilities 159.6
- Net profit/income 11.0
- Net profit/capital 15.6
- Net profit/total assets 7.6
- Total liabilities/capital 106.6
- Total liabilities/total assets 51.6



Source: PT Bahtera Adhiguna
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Comment:BAHTERA ADHIGUNA DECLINES IN FINANCIAL PERFORMANCE DESPITE INCREASE IN INCOME.
Publication:Indonesian Commercial Newsletter
Article Type:Statistical Data Included
Geographic Code:9INDO
Date:Sep 26, 2000
Words:1818
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