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| - In Stock and Cash Dividends and Share Buyback Program - |
JAKARTA, INDONESIA, June 21, 2013 - (ACN Newswire) - PT Wintermar Offshore Marine Tbk (WINS), at its Annual General Meeting for 2012, announced a Stock and Cash dividend amounting to a distribution of US$3,937,439.50 or 19.5% from the Net Profit available to shareholders from 2012. The Company will distribute an amount of USD 3,149,951.60 by way of a stock dividend at a ratio of 2 new shares for every 125 shares held by shareholders. Mr Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine said, "The use of a stock dividend this year is to maintain our policy to distribute up to 20% of the earnings each year to shareholders but to conserve cash which we believe can be profitably invested in new vessels to serve the increasing demands in offshore oil exploration."
The Company also announced a cash dividend of Rp2.16 per share which will be applied where necessary to meet the withholding tax liabilities of shareholders.
The shareholders at the Meeting also approved the plan of the Company to re-purchase up to 190 million shares or about 5.2% of the issued shares, at any time over the next 18 months. Mr Sugiman Layanto explained that this plan was to enable the Company to acquire Treasury stock if it was felt that the shares were undervalued at any time in the market. "Obviously we will not repurchase our shares unless there is a clear benefit to all shareholders," said Mr Sugiman Layanto.
For 2012, the Company's net profit grew by 23% from the previous year to USD 20.2 million and EBITDA increased 27% in the year to USD 40.4 million.
The Company has also revised its 2013 capex plan to 8-10 vessels making total full year capex about USD 65-70 million to achieve profit growth of 20-25%.
As at May 2013, WINS has contracts on hand totalling USD 200 million.
DISCLAIMER
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.
Contact:
Ms Pek Swan Layanto
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel +62-21-530-5201 Ext 401
Email: investor_relations@wintermar.com
Topic: Earnings
Source: PT Wintermar Offshore Marine Tbk
Sectors: Gas & Oil, Daily Finance, Logistics & Supply Chain
http://www.acnnewswire.com
From the Asia Corporate News Network
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