Federal International?s Indonesian market sales up 64.4 percent in H1 2002

Singapore publicly listed oil and gas services company Federal International (2000) Ltd said on Thursday its market sales in Indonesia in the first half year of 2002 had been up by 64.4 percent from the corresponding period of last year.

Federal said its Indonesian market sales had amounted to S$18.8 million, which accounted for 36 percent of the total Group turnover in the same period.

Federal Group turnover rose 32.3 percent to S$51.04 million for the first half of 2002 from S$38.59 million in the previous corresponding period.

As previously reported, on March 2002, the company through its subsidiary Federal Hardware Engineering Co Pte Ltd had secured a procurement contract worth US$3.0 million (US$ = S$1.77) from Indonesian engineering firm PT Gunanusa Utama Fabricators.

"We will focus on building our core businesses and at the same time, grow the strategic investments that we have undertaken in the past months, including HP&T in the US, KVC in Japan and the UK, and PT Gunanusa in Indonesia," said K. K. Koh, CEO of Federal in a statement to Singapore Stock Exchange. (robert)