PDSI books $37.9m net profit
Wednesday, March 19 2014 - 09:58 AM WIB
PT Pertamina Drilling Services Indonesia (PDSI), a subsidiary of state owned oil and gas firm PT Pertamina (Persero), booked a net profit of US$37.9 million in 2013, a 4 percent increase from $36.6 million in the previous year.
Sales rose 6 percent to $260.8 million, while general administration expenses fell by 16 percent in 2013, PDSI?s President Director Faried Rudiono said on the sidelines of the company?s recent shareholders? meeting.
Faried said the revenue was generated by 40 rigs of the firm, operated in four drilling areas in Sumatra and Sulawesi with an utilization rate of 80.92 percent and an availability rate of 98.21 percent.
The firm also recorded a good performance in terms of work safety, Faried said, citing that the firm recorded 11.9 million work hours without fatality, and a Total Recordable Incident Rate (TRIR) of 0.54 percent, lower than the target of 0.91 percent last year. Meanwhile, the Accident Frequency Rate (AFR) stood at 0.07 percent during the period.
In terms of Good Corporate Governance, the Supreme Audit Agency (BPK) put the firm in the ?Good? category, with a 89.033 score. In terms of finance, BPK put the firm in the ?Healthy? category with a 71 score.
Faried voiced optimism that the firm?s financial performance will improve this year as the firm will have more rigs and expand its business to the offshore sector.
Editing by Johannes Simbolon