Apexindo reports net loss of Rp 25.6b on forex losses, interest costs

Publicly listed drilling contractor PT Apexindo Pratama Duta reported a net loss of Rp 25.62 billion (US$ = Rp 9,085) in the first nine months of 2004, against profit of Rp 58.05 billion a year earlier, due to foreign exchange losses and rising interest expenses.

Apexindo said in a report to the Jakarta Stock Exchange that it had booked higher sales of Rp 748.08 billion from January-September compared with Rp 598.13 billion in the same period last year.

The company?s operating profit grew to Rp 109.92 billion from Rp 95.23 billion.

The stronger operating results, however, were insufficient to cover the sharp increase in net other charges to Rp 140.19 billion from Rp 7.13 billion, mainly from forex losses and interest costs.

Apexindo recorded forex losses of Rp 76.46 billion, against a forex gain of Rp 10.72 billion previously, as the rupiah fell to 9,140 per US dollar at the end of September from Rp 8,390 a year earlier.

The company also reported a significant rise in interest expenses to Rp 68.22 billion from Rp 28.77 billion.

Apexindo, a 77.53 percent-owned subsidiary of oil and gas firm PT Medco Energi Internasional Tbk, operates 16 drilling rigs consisting of 11 onshore rigs and five offshore rigs. (robert)