Apexindo?s H1 net profit rises 42 percent

IDX-listed drilling firm PT Apexindo Pratama Duta Tbk reported on Thursday that its unaudited net profit during first semester 2008 reached US$21.3 million, 42 percent higher compared to the same semester of last year.

The increase in net profit was mainly driven by outstanding performance of the offshore segment that recorded a revenue of $80.6 million in the first semester 2008, up by 57.4 percent from $51.2 million last year, the company said in statement.

?Contracts from Total and Santos for the Company?s jack ups ? Soehanah and Raniworo respectively ? as well as the swampbarge ? Maera - that possess high dayrates were the drivers for the increase,? it said.

The improvement in the offshore segment was also backed by the increased activities in which the segment in the first half of 2008 booked 91 percent utilization rate compared to 76 percent in the same quarter last year.

Meanwhile, onshore segment also showed a quite robust performance by booking a revenue of $35.3 million or higher by 15.4 percent from last year?s $30.6 million backed by the increase in dayrates achieved of approximately 15 percent. (denny)