JAKARTA (Yosefardi) – PT Buana Listya Tama Tbk (BULL), subsidiary of PT Berlian Laju Tanker Tbk (BLTA) had in December 2013 delivered 14.79% shares to Deutsche Bank for converting loan to the bank into equity.
BULL’s equity was used as guarantee for loan of BLTA. Then BLTA’s shareholding in BULL declines to 38.37% by end of last year.
BLTA had also sold its vessels during 2011-2013 period for repaying its existing debts. Now, BLTA’s vessels total 55 units, compared to 98 units in 2011.
BULL posted net profit of US$11.36 million in first nine months of 2013, almost doubled from the corresponding period of 2012. But this was mostly due to US$10.8 million gain on foreign exchange translation, because its sales revenues actually dropped by 30% to US$36.2 million, while gross profit crashed by 66% to US$4.28 million.