Perdana Karya reports 72% drop in revenue

By Thomas Sembiring

IDX-listed oil and gas services contractor PT Perdana Karya Perkasa Tbk (PKPK) saw revenue in the January-September period of this year dropped by more than 72 percent to Rp 5.50 billion from Rp 19.79 billion in the corresponding period of last year due to the weak oil and gas industry.

PKPK Director Untung Haryono said on Tuesday that the company managed to slightly reduce down operating cost, cutting down its loss in the nine-month period this year to Rp 3.93 billion from a loss of Rp 60.52 billion in the same period of last year.

He said that throughout this year, the company participated in 10 tenders for construction projects in the oil and gas sector, but only won one project from Santos Energy for blanket fabrication and installation services.

He said that progress of the project has now reached 30 percent. The three-year contract is valued at Rp 44.18 billion.

PKPK has another contract obtained from Total E&P Indonesie worth Rp 324.52 billion for well connection (mechanical) services.

Untung said that the company will try to minimize its losses in the remaining period of this year.

He said that the company hopes to win new projects next year, and plans to expand to general construction services, eying four potential projects.

Untung said that revenue next year is projected to increase to Rp 50 billion, and a net profit of Rp 3.04 billion.

Editing by Reiner Simanjuntak