Apexindo’s 2003 revenue up, net profit down

Jakarta Stock Exchange-listed drilling company PT Apexindo Pratama Duta booked Rp 823.2 billion (US$ = Rp8,650) in revenue last year, or up 47.9 percent from a year ago due to higher offshore rig utilization.

The company said in a statement that revenue from offshore rig utilization had improved by 112.4 percent to Rp 545.5 billion in 2003 from the previously year’s Rp 256.8 billion, while revenue from onshore rigs declined to Rp 277.7 billion from Rp 299.5 billion.

Apexindo owns and operates four submersible swamp barge rigs named “Raisis”, “Maera”, “Raissa” and “Yani” contracted by Total E&P Indonesie and one jack up rig named “Rani Woro” contracted by Norway's STATOIL in Iran. Aside from the offshore rigs, Apexindo also owns 11 onshore drilling rigs.

Despite the higher in revenue, Apexindo recorded a decline in net profit to Rp 52.7 billion in 2003 compared to previous year’s net profit of Rp 63.7 billion.

Apexindo also said its shareholders have agreed to allocate Rp 12.2 billion for 2003 dividend.

Apexindo is 77.5 percent owned by publicly listed oil and gas company PT Medco Energi International. (robert)