PT Wintermar Offshore Marine Tbk has announced results for 1Q2023. Operating Profit rebounded to US$1.6 million from a loss of US$1.4 million in 1Q2022 after a big increase in Revenues. Stronger charter rates contributed to the 51%YOY increase in total revenue to US$15.9 million and gross profit of US$3.0 million for 1Q2023.
Owned Vessel Division
During the first quarter of 2023, charter rates were higher, boosting Owned Vessel revenue by 46%YOY to US$9.7 million, and generating a turnaround in the division with a positive gross profit of US$1.7 million for 1Q2023 compared to a loss of US$0.6 million for 1Q2022. Quarterly utilization for 1Q2023 was 67%, higher than 61% in 1Q2022, but lower than the high utilization of 82% in 4Q2022, as several longer-term contracts completed in 1Q2023 and vessels underwent interim maintenance while being prepared for new contracts.
Direct Expenses were 10.6% higher, mainly due to higher maintenance (+154.4%YOY) and operations (+30.6% YOY) costs for parts and consumables. Depreciation was slightly lower at US$3 million (-2.5%YOY) as some of the additional vessels were not yet activated. Crewing costs rose by 2.6%YOY to US$2.1 million for 1Q2023.
Chartering and Other Services
Gross Profit from the Chartering Division rose by 16.6% YOY to US$0.4 million while Gross Profit from Other Services rose by 124.9% to US$0.9 million as demand for ancillary services also improved.
Total Gross Profit jumped to US$3.0 million for 1Q2023, compared to only US$0.2 million in 1Q2022, reflecting more robust conditions in the industry.
Indirect Expenses and Operating Profit
During 1Q2023, total Indirect Expenses fell by 9.4%YOY to US$1.4 million. Staff salaries increased by 5.1%YOY due to new hires during 2022 after a hiring freeze ended during the COVID-19 pandemic. However, this was offset by lower employee benefit expenses as actuarial liabilities were adjusted to comply with the new Omnibus law. Office utilities rose 39%YOY to US$0.1 million as most employees returned to work in the office compared to 1Q2022 where employees were still working from home.
Operating Profit saw a convincing turnaround for 1Q2023 at US$1.6 million, compared to a loss of US$1.4 million in 1Q2022.
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Source: ACN Newswire
