Jakarta, HITS – PT Humpuss Intermoda Transportasi Tbk (HITS), a Company which focuses its business on the sea transportation services, is planning to take a step of Quasi-Reorganization this year. The Company has decided to do it for enhancing the equity structure. Through the Quasi-Reorganization, the Company will be able to access the funding for its business expansion.
As we all know, the global financial crisis in 2008 has brought negative impacts to the Company performance. At that time, the vessels stopped operating because the demand of sea transportation service had declined. This condition had made the Company fight in a loss. The Company kept facing these challenges until 2012 when some circumstances hit the Company.
As answers to those challenges, the management team has conducted every effort to improve the Company performance, so that HITS can generate profit to the shareholders. One of the attempts is restructuring the area of business, organization, debt, and capital. Furthermore, the Company is optimizing the idle vessels by starting to operate them again, to avoid any group expense.
All of the policies has improved the operational and financial performances, by taking profits from the Company business from 2013 to 2015. However, the Company profit has not offset the loss from the past. Therefore, the Company is deciding to do the Quasi-Reorganization for expanding the business operational.
The Company is referring to the group consolidated financial statement dated December 31, 2015 for the Quasi-Reorganization. Based on the financial statement before the Quasi-Reorganization, the group accumulated loss is US$ 95.47 million.
The Company is also planning to hold an extraordinary general shareholders meeting (RUPSLB) on May 26, 2016. The meeting aims to gain approvals before the Company proceeds with the Quasi-Reorganization, by eliminating the consolidated loss through the premium on stock.
President of Humpuss Intermoda Transportasi Tbk, Theo Lekatompessy, said that the Quasi-Reorganization is expected to improve the Company business in the fresh start point, with the current financial condition, without being burdened by the previous deficit. For a better financial provides a good basis for business development.
Through the Quasi-Reorganization, Theo added, the Company is able to distribute its dividends to shareholders. Also, he wishes that people put more interests in HITS shares, so that the share trade liquidity rises.
Theo explained that in doing the Quasi-Reorganization, the Company considers the terms and conditions in the Law No. 4/2007 on the limited Company, the BAPEPAM-LK regulation No. IX.L 1, the BAPEPAM-LK regulation No. IX.J.1, the OJK regulation No. 32/POJK.04/2014 on planning and conducting of general meetings of shareholders (RUPS) of a public Company, and the OJK regulation No. 31/POJK.04/2014 on the disclosure of material information or facts by issuers and public companies.
The Consolidated Financial Statement 2015
The Company reported its revenue of US$ 52.09 million in 2015, or down from 2014 which was US$ 66.06 million. The global economy slowdown has impacted to the national shipping business, and led to the declined revenue.
The gross profit in 2015 stayed the same as achieved in 2014, which was US$ 16.03 million. Meanwhile, the operational profit reached US$ 9.55 million, up 7.12 percent from US$ 8.19 million in the previous year. The profit increase came from the Company efficiency in cutting the operating expenses in 2015.
Meanwhile, the current comprehensive profit was US$ 1.92 million in 2015, dropped from US$ 3.54 million in 2014. The total current assets this year is US$ 34.98 million, up 23.14 percent from US$ 28.40 million in the previous year. The total non-current assets reach US$ 108.92 million, up 2,9 percent compared to previous years’ US$ 105.84 million. The rises in the current assets and non-current assets have affected the increase of the total assets in 2015 of US$ 143.91 million. The total assets in 2014 was US$ 134.25 million.