Petrosea records H1 profit jump
Tuesday, August 28 2001 - 11:21 AM WIB
Publicly listed oil and mining contractor PT Petrosea Tbk, recorded a significant jump in net in the first half of 2001 despite a decrease in revenue.
The company said in a statement Tuesday it posted this first half year?s net profit of Rp. 61 billion (US$ = Rp 8,600), as against last year?s corresponding period net profit of Rp. 11.5 billion. Operating income was down to Rp. 457 billion in the first half of 2001 from Rp. 488 million during the previous half.
Petrosea said it managed to slash direct cost to Rp. 357 billion, from previous quarter?s direct cost of Rp. 454 billion.
Net profit per share for 2001 first half is Rp. 594 as against previous half?s Rp. 112.
Petrosea is a subsidiary of Australian construction giant Clough Engineering Group. (alex)