Wintermar Offshore (WINS:JK) Reports 1H2019 Results
WINS 2Q2019 revenue rose 15% QoQ to US$14 million, strong improvement in Fleet utilization JAKARTA, Jul 31, 2019 - (ACN Newswire) - Wintermar Offshore Marine (WINS:JK) has announced results for 1H2019. WINS 2Q2019 revenue rose by 15% QoQ to US$14 million with strong improvement in Fleet utilization. With political distraction now behind us and the Presidential mandate secured for the next 5 years under President Jokowi, business was starting to recover in 2Q2019. Several offshore drilling projects commenced operations this past quarter, leading to better vessel utilization and a pick up in revenue. Owned Vessel Division High tier vessels had the best recovery, with utilization rate above 70% for 2Q2019. This drove Owned Vessel revenue up 21% QoQ to US$10.2 million in 2Q2019. Total fleet utilization for 2Q2019 rose to 58% compared to 41% in 1Q2019. Gross losses from this division narrowed in 2Q2019 to US$0.5 million compared to a gross loss of US$1.6 million in 1Q2019. Despit...