Apexindo books net profit of Rp 3.4 billion in Q3

Publicly listed drilling contractor PT Apexindo Pratama Duta Tbk booked net profit of Rp 3.4 billion in the third quarter of 2005 after suffering a huge foreign exchange loss which resulted in a net loss of Rp 27 billion in the same period last year.

Apexindo said its revenue growth was relatively flat at Rp 798.9 billion in the third quarter of the year, up 5.7 percent Rp 755.6 billion a year earlier.

The company said revenue contribution from offshore drilling was up by 15.4 percent to Rp 609.6 billion in the third quarter this year from Rp 528.4 billion in the same period last year. This is thanks to the 100 percent utilization rate of its rigs, while contracts with the existing clients ran scheduled.

Apexindo currently owns and operates nine onshore drilling rigs, and four submersible swamp barge rigs named ?Raisis?, ?Maera?, ?Raissa? and ?Yani?, and one jack up rig named ?Rani Woro?.

On the contrary, revenue contribution from onshore drilling was down by 16.7 percent to Rp189.3 billion from Rp 227.2 billion as onshore utilization rate declined to 46 percent in the third quarter of 2005 from 54 percent a year earlier.

The drop in the utilization of its onshore rigs was mainly due to the idleness of several onshore rigs such as Rig 5, 8 and 12, Apexindo said.

Apexindo operates 11 onshore rigs.

?Despite Apexindo?s ability to cut costs, the positive net profit on the third quarter of 2005 was also driven by the 26.7 percent reduction in forex losses to Rp 58.1 billion from Rp 79.2 billion last year,? the company added.

Apexindo is a subsidiary of oil and gas firm PT Medco Energi Internasional Tbk. (Robert)