Petrosea books 25-fold increase in net profits

PT Petrosea Tbk booked net profits of US$42.25 million in 2010, a 25-fold increase from $1.59 milllion in the previous year, thanks to an increase in the revenues of subsidiaries.

According to the company?s financial report published on Wednesday, subsidiaries PT Santan Batubara (SB) and Tirta Kencana Cahaya Mandiri (TKCM) contributed $14.38 million to the consolidated profits.

The company?s revenues dropped from $171.82 million to $186.96 million with operating costs reaching $131.68 million. Petrosea booked gross profit of $55.26 million.

Operating profits also dropped 3.04 percent to $38.29 million from $39.49 million in the previous year

However, pre-tax profit jumped to $51.59 million from $4.56 million thanks to profit contribution from subsidiaries. The net profit rose to $42.25 million or $0.41 per share from $1.59 million.

Santan Batubara is a coal miner based in East Kalimantan. In 2010, Santan produced 2.2 million tonnes of coal and it expect to produce around 2.5 million tonnes in this year. Santan Batubara is a 50/50 joint venture between PT Indika Energy?s unit PT Petrosea and Harum Energy. (denny)