The net profit of state-owned port operator Indonesia Port Corporation (IPC) increased by almost 46 percent to US$54.3 million in the first quarter of 2012 year-over-year as cargo throughput rose at its 12 ports, including Tanjung Priok, Indonesia’s busiest seaport.
IPC, also called Pelindo II (Pelabuhan Indonesia II), declared revenue of US$138.3 million in the first three months of the year, up 42 percent over the same period a year earlier.
Container traffic at Tanjung Priok soared 13.6 percent to 1.4 million 20-foot equivalent units (TEUs) in the first quarter this year, reported IPC president director Richard Joost Lino.
The country has been engaged in an ongoing revitalization program of its transport industry as part of its overall plan to “create a a regional port hub to serve a growing economy in Indonesia, Asia and the world,” said Lino.
He added that for 2012 alone, IPC’s expenditure on improving its 12 ports is expected to top $448 million.
Among its major undertakings is the continued investment in the modernization and expansion of the heavily congested Tanjung Priok port. It is also investing nearly $2.5 billion in the construction of the New Priok port in north Jakarta, slated to be the country’s biggest industrial port when completed in 2023 with an estimated annual capacity of 13 million TEUs.
Last year, IPC booked $465 million in revenue, up 48 percent over 2010, while its net profit rose to $167 million, up 33 percent over the previous year, according to a report by The Jakarta Post.
Photo: IPC
