Publicly listed shipping company PT Humpuss Intermoda Transportasi (HIT), which is connected to the youngest son of the late former president Soeharto, Hutomo “Tommy” Mandala Putra, said it was assessing the impact of the bankruptcy of its Singapore-based subsidiary Humpuss Sea Transport Pte. Ltd. (HST).
HIT corporate secretary M Yayak Iskandar said in a file submitted to the Indonesia Stock Exchange (IDX) on Monday evening that the Singaporean High Court had declared HST bankrupt on Jan. 20. The court ruled in favor of Linsen International limited, which had filed a bankruptcy petition against HST for failing to pay for chartered ships.
The court’s panel of judges appointed Cossimo Borelli and Jason Kardachi both individually or together as liquidator of HST and stated that case expenses would be determined later and would be paid to Linsen out of HST’s assets.
“Our company [HIT] has yet to receive a copy of the court ruling. We are studying the impact of [HST’s bankruptcy] on HTI’s consolidated revenue,” Yayak said in the file.
HIT reported Rp 376.4 billion (US$41 million) in revenue during the first nine months of 2011, increasing about 1 percent from Rp 371.36 in the same period of 2010. Cost of revenue of Rp 383.54 billion and operational expenses of Rp 77.03 billion were major contributors to the company’s net losses of Rp 113.32 billion during January–September 2011. The company suffered similar losses of Rp 48.23 billion in the first nine months of 2010.
HIT’s performance had been declining since 2009, when the company maintained a net profit of Rp 1.31 billion.
HIT holds 100 percent shares in HST, which operates a ship rental business.
Meanwhile, according to an HIT public expose file in June, the company is 64 percent owned by PT Humpuss, whose president commissioner is Tommy. Serving as Humpuss commissioner is Ari Haryo Wibowo, the son of Tommy’s elder brother Sigit Hardjojudanto.
Tommy established Humpuss in 1984. He resigned as Humpuss’ executive chief in 1998 and has served as president commissioner since then.
The public expose file also shows that HIT has 41 vessels, comprising oil tankers, tugs and barges. HIT mostly transports liquid cargoes with most orders coming from state oil and gas company PT Pertamina. HIT reaped Rp 183.96 billion in revenue from services to Pertamina during January–September 2011.
HIT was a liquefied natural gas (LNG) division of Humpuss. The company built its first ship Ekaputra in 1986. HIT moved into shipping in 1990. (rcf)