Petrosea net profit drops 65%

Mining contractor PT Petrosea reported a 65 percent drop in the net profit in the first semester of this year to Rp 11.453 billion from Rp 32,679 recorded in the same period of last year.

The company's corporate secretary Andrew Holbron said that sales in the first semester of this year rose 23.66 percent to Rp 487.98 billion, but operating cost soared to Rp 454.225 billion from only Rp 33.755 billion in the same period of last year.

Because of the soaring operating cost, gross profit dropped to Rp 33.755 billion from Rp 82.395 billion.

The company's main incomes come from construction services, rents from its equipment, houses, warehouses and other services.

As of June 30, the company's total assets stood at Rp 830.028 billion, comprising of Rp 399.754 billion of current assets and Rp 430.274 billion of fixed assets. (*)