Petrosea books H1 net loss
Thursday, July 31 2003 - 05:58 AM WIB
JSX-listed oil and mining contractor Petrosea Tbk. posted first semester net loss of Rp.20.108 billion (US$=Rp.8,500), compared to net earnings of Rp.249 million in the previous year?s corresponding period.
The drop in earnings was due to lower operating revenue from Rp.413 billion in last year?s first semester to Rp.361.8 billion this year and increase in other expenses.from Rp.16 billion to Rp.23.3 billion.
Petrosea, which is a subsidiary of Australia?s Clough Engineering Group, works for several mining firms including PT Kaltim Prima Coal, PT. Bukit Baiduri Enterprise and Freeport Indonesia. It is also engaged in construction of oil and gas facilities in Indonesia. (alex)