Petrosea books Q1 net loss
Wednesday, April 30 2003 - 12:42 AM WIB
JSX-listed oil and mining contractor Petrosea Tbk. booked first quarter 2003 net loss of Rp.2 billion (US$=Rp.8, 850), compared to net earnings of Rp.13.3 billion the company made in previous year corresponding quarter.
The loss the company made was mainly due to decrease in operating revenue to Rp.181 billion in this year quarter from Rp.210 billion previously.
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)