Petrosea records steep drop in net profit

JSX listed engineering, construction and mining contractor PT Petrosea Tbk recorded a net profit after tax of Rp.249 million (US$ = Rp.8, 900) for the year ended June 2002, a sharp drop compared to last year?s corresponding period net profit of Rp.60.9 billion

The steep drop in net profit was due to drop in company?s operating income from Rp.457 billion in 2001 to Rp.413 billion in 2002 and foreign exchange loss of Rp. 28 billion that occurred in 2002.

Petrosea is a subsidiary of Australia?s Clough Engineering Group. The company is a mining contractor for several mining companies such as Kaltim Prima Coal, Bahari Cakrawala Sebuku and Freeport Indonesia. It is also engaged in construction of oil and gas facilities in Indonesia. (alex)