Apexindo 2007 net profit slightly up

IDX-listed drilling firm PT Apexindo Pratama Duta Tbk booked an audited net profit US$34.4 million in 2007, slightly increase from $31.5 million in previous year.

Revenue grew convincingly in 2007 by 28.0 percent to $200.0 million from $156.3 million in 2006 driven primarily by offshore segment performance, the company said on Monday.

Revenue from the offshore segment went up by 36 percent to $134.0 million compared to $98.5 million in 2006. Offshore utilization however was actually down to 83 percent in 2007 compared to last year?s 100 percent. Lower utilization was mainly caused by the dry-docking of Raniworo in Middle East from February to April 2007.

Meanwhile, onshore segment contribution also improved to $66,0 million or up by 14.2 percent in 2006 on the back of better utilization, which rose to 70 percent compared to 68 percent the year before. (denny)