Apexindo reports net profit surge

IDX-listed drilling rig provider PT Apexindo Pratama Duta Tbk reported 9 month net profit of US$36.4 million in 2008, an increase of 58.3 percent against last year?s same period net profit.

EBITDA also grew significantly by 41.1% year on year (YoY) to $ 96.8 million from $ 68.6 million, pushing up EBITDA margin to 53.0% from last year?s 49.0%.

The Company?s top line grew by 30.4% YoY from USD 140.0 million in 3Q07 to USD 182.5 million on the back of the significant growth on revenue contribution from the offshore segment. The segment posted USD 126.8 million of revenue in 3Q08 or up by 40.7% from last year?s USD 90.1 million. The increase was boosted by the improvement in offshore utilization rate from 83% in 3Q07 to 94% this year. Soehanah, Raniworo and Maera ? current Apexindo?s top three rigs with highest day rates - have been operating well this year on their long term contracts with respective clients.

Meanwhile, onshore also recorded good performance by recording utilization rate of 65% and posting a revenue of USD 55.7 million from USD 49.9 million or rose by 11.6%. The improvement was driven by higher dayrates on land rigs? extension and new contract achievements notably for Rig 4 with Chevron and Rig 8 with VICO Indonesia.

Apexindo is now a subsidiary of IDX-listed firm PT.Mitra Rajasa. (denny)