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Monday, 29 April 2013, 17:30 HKT/SGT

Source: Wintermar Offshore Marine Group
PT Wintermar Offshore Marine (WINS)'s Net Profit for 1Q2013 Grew 19% to USD 5.8 Million on Revenue Growth of 45%
EPS 1Q2013 is US cents 0.16 (Equivalent to Rp 15.62); Strong contribution from Chartering Division with Higher value 3rd party vessel contracts

JAKARTA, INDONESIA, Apr 29, 2013 - (ACN Newswire) - PT Wintermar Offshore Marine (WINS) has reported that a net profit for 1Q2013 grew 19% to USD 5.8 million. Revenue grew 45% in 1Q2013 to USD 39 million compared to 1Q2012 on the back of a rebound in the chartering division. As demand for higher value Indonesian Offshore Support Vessel (OSV)s picked up, our strong track record in the OSV market enabled us to win some higher value vessel contracts for which we brought in 3rd party vessels to operate. Gross profit from chartered vessels saw a significant jump of 282% to USD 1.3 million compared to the previous year, reflecting new chartering contracts for high value vessels and a slight improvement in margins.

Owned Vessels

Owned vessel revenues grew by 11% to USD 18.5 mil because of fleet expansion in 2011 and 2012, while gross profit from this division rose 9% to USD 9 million compared to 1Q2012, reflecting the impact of the utilization of the new high value vessels acquired in 2013. Other ship management revenues were also up by 93% to USD 2 million as compared to the previous year.

Total gross profit rose from USD 9 million in 2012 to USD 11.3 million for first quarter 2013, a gain of 24% YOY. However, overall gross margins declined from 33.8% to 28.9% because of the strength in the chartering division, which has much lower gross margins but is also asset light.

New Vessels

During the first 3 months of 2013, WINS took delivery of 3 new vessels: 1 Heavy Load Offshore Barge, 1 Fast Utility Vessel and 1 Platform Supply Vessel. These vessels were not fully utilized in the first quarter. Another 3 to 4 vessels are expected in 2Q2013 as there are a total of 8 vessels ordered for 2013. However, with the stronger than expected demand for higher value vessels so far this year, we expect to raise our capital expenditure plans should we win more high value vessel tenders.

Indirect expenses and Operating Profit

To achieve our targeted growth in the higher value segment of the OSV market, we must also continually invest in human resources, leading to higher overall staff and salary costs. This led to a 17% YOY increase in staff costs while our increased capacity to win contracts has also added to marketing costs. Operating profit was up by 18% to USD 8.3 million compared to 1Q2012.

Other income and expenses

Interest expenses were 33% higher at USD 1.5million compared to the previous corresponding quarter, due to additional financing received for new fleet. Contribution from associated companies rose by 160% to USD 0.6 million. After accounting for tax and minority interest, the net income attributable to shareholders was USD 5.88 million for the first three months of FY2013.

Strong demand from several exploration projects

As at 31st March 2013, the total contracts on hand are worth USD 201 million. This reflects the strong demand we are experiencing from the oil and gas industry, especially for higher value fleet. There are several tenders expected to be announced in the upcoming months and WINS will be bidding for some of these.


Certain statements made in this publication involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. Certain statements relating to business and operations of PT Wintemar Offshore Marine Tbk and Subsidiaries (the Company) are based on management's expectations, estimates and projections. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Certain statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such statements. The Company makes no commitment, and disclaims any duty, to update or revise any of these statements. This publication is for informational purposes only and is not intended as a solicitation or offering of securities in any jurisdiction. The information contained in this publication is not intended to qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to the Company and should not be relied upon for the purpose of making investment decisions concerning any securities of the Company.

About Wintermar Offshore Marine

PT Wintermar Offshore Marine Tbk (WINS) is an offshore marine services company that owns a fleet of over 64 vessels ready to handle a large variety of marine support services required in upstream oil and gas exploration and production activities including transporting crew, equipment and supplies, as well as providing services such as anchor handling, towing, emergency rescue, firefighting, and mooring of offshore rigs. Our young and growing fleet, comprising a wide variety of vessel types, enables us to offer innovative vessel and logistics solutions to serve our client base of multinational oil and gas companies. In 2011, WINS became the first shipping company in Indonesia to be certified with Integrated Management System by Lloyds Register Quality Assurance, comprising ISO 9001:2008 (Quality), ISO14001:2004 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit .


Ms Pek Swan Layanto
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel: +62-21-530-5201 Ext 401

Apr 29, 2013 17:30 HKT/SGT
Topic: Earnings
Sectors: Gas & Oil, Daily Finance, Logistics & Supply Chain
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