Apexindo records Q1 net profit jump

IDX-listed drilling firm PT Apexindo Pratama Duta Tbk said on Monday its unaudited net profit in the first quarter 2009 increased significantly to US$27 million from $10.4 million in the same quarter of last year.

The company?s revenue surged to $68.0 million, up by 21.0% from 56.2 million last year.

The strong revenue was mainly driven by the firm's offshore rigs that contributed $51.4 million, a 27.5% percent increase from the same quarter of last year. The utilization rate of its rigs improved to 97% from 89% last year as the Raniworo rig has been effectively working for Santos project since January 2008 and the Raisis rig got a contract extension from Total with an upward adjustment on its day rates.

Meanwhile, its onshore rigs posted an utilization rate of 63% in the first quarter and contributed $16.6 million to the firm's revenue, which was relatively stable compared to the same quarter of last year.

Earnings Before Interest, Tax, and Depreciation (EBITDA) also jumped to $46.4 million from $31.1 million.

Apexindo has eight land rigs and six offshore rigs consisting of four submersible swamp barge rig, that is Maera, Raisis, Raissa and Yani; and two jack-up that is Raniworo and Soehanah. (denny)