Port operator Indonesia Port Corporation II saw net profit climb by 45.9 percent year-over-year in the first quarter as demand for stevedoring services surged.
State-owned IPC, more commonly known as Pelindo II, generated revenue of $138.3 million revenue in the first quarter of 2012, up 42% compared to a year earlier, while net profit rose by 45.9% to $54.3 million.
IPC operates 12 ports in Indonesia including the country’s main gateway, heavily congested Tanjung Priok. The company said it was continuing to invest heavily in container capacity at the port, which it claimed could now receive ships of up 5,000 TEU capacity. IPC also said it was moving forward with the development of Kalibaru Port — also called New Priok — after receiving a presidential decree to build the huge extension of Tanjung Priok last month.
“New Priok will be the largest port development in Indonesia, tripling the capacity of Tanjung Priok to over 18 million TEUs when fully completed in 2023,” said IPC.
The first phase of development, which will provide an additional capacity of approximately 4.5 million TEUs, will begin operations by 2014.
“IPC is and will continue to invest significantly to improve port facilities and services, attracting bigger vessels to our ports and reducing Indonesia’s logistics costs,” said RJ Lino, President Director of IPC. “In doing so, we will create a regional port hub to serve a growing economy in Indonesia, Asia and the world.”
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