JAKARTA (Yosefardi) – Shipping firm PT Soechi Lines Tbk (SOCI) plans to convert all its rupiah debt into dollar, aiming to minimise impact from currency fluctuation and avoiding foreign exchange (forex) loss.
The appreciation of rupiah has led SOCI to suffer forex loss of US$2.1 million in first half of 2016, against forex gain of US$4.2 million in the same period of 2015.
The company has short term loan of Rp55 billion and long term loan of Rp576 576 billion. Media earlier reported that SOCI intended to seek bank loan of US$200 million, for refinancing debts and fleet expansion. SOCI capex for this year is set for US$30-50 million.
SOCI reported a 72% drop in net profit to US$6.36 million for first half of 2916 on revenues of US$64 million. Revenues from shipyard fell 25.7% to US$12.2 million.