Apexindo?s Q1 revenue drops 72%

IDX-listed oil and gas drilling contractor PT Apexindo Pratama Duta Tbk said that operating revenue in the first quarter (Q1) of this year dropped by more than 72 percent to US$12.09 million from $43.41 million in the corresponding period of last year.

The weaker performance came amid weak oil price environment which had prompted many oil and gas companies to withhold investment particularly in exploration activities.

The company said in a statement obtained Friday that cost of sales declined to $10.82 million in the January-March period of 2017 from $37.30 million in the same period of last year, while gross profit dropped to $1.27 million from $6.10 million.

Apexindo, however, booked a $2.26 million of profit distributed to owners of parent entity during the first quarter 2017, compared to a loss of $2.88 million in the corresponding period of last year.

Editing by Reiner Simanjuntak