• Berlian Laju Tanker booked net loss of US$285.9mn, complete turn around of net profit US$218.4mn in 2008. Total revenue for 2009 was US$618.3mn or 14.6% YoY lower than US$723.7mn in 2008. Higher direct costs forced the company to book gross profit of only US$132.8mn compared to US$494.1 a year ago. The consensus call was US$630.3mn and US$6mn for sales and net income.
• While the company managed to benefit from their derivative transaction of USD149.0mn, it was revaluation costs that hit the most as decrease in asset revaluation summed up to US$227.8mn. This cost was also added with a change on fair value of convertible bonds and notes payable of US$196.4mn that weighed down on the company’s net profit. Last year, the change in fair value of convertible bonds and notes payable contributed positively to income by US$306.0mn.
• BLTA is trading at 2010F consensus PER of 11.2x and EV/EBITDA of 7.0x.
Tidak ada komentar:
Posting Komentar