JAKARTA – Although PT GTS Internasional Tbk’s (GTSI) revenue increased in H1 2024, its net profit significantly dropped by up to 150.32% year-on-year (yoy). This massive downturn resulted from increased cost of revenue and financial expenses.

According to Financial Report of H1 2024 of GTSI quoted today (24/7), GTSI’s revenue was recorded at USD 15.27 million, up from USD 13.50 million, while its gross profit was cut to USD 5.26 million from USD 6.60 million. This was caused by the increased cost of revenue, from USD 6.90 million to USD 10 million.

GTSI’s operating revenue from chartered vessel for liquefied natural gas (LNG) transport was USD 14.86 million, up from USD 13.22 million, while vessel charter for tug and barges is USD 44,415, down from USD 74,619. Lastly, ship management services brought in USD 371,131, up from USD 206,164.

On the other hand, total operating expenses clocked up to USD 2.32 million, from the previous surplus of USD 433,519. It is due to other operating expenses that reached USD 546,414 from the previous USD 2.51 million of operating income. As a result, its net profit slipped heavily to USD 2.76 million from USD 6.91 million seen in H1 2023. (LK/ZH)