Petrosea reports 50 percent drop in net profit

The publicly listed oil and mining contractor PT Petrosea Tbk reported a 50 percent decline in 2000 third quarter net profit to Rp 31.84 billion from Rp 63.02 billion in the same period last year.

The company said that the decline in the net profit was due to a drop in operating profit to 37.81 billion from Rp 60.06 billion. It added that interest rate burden increased by more than Rp 5 billion.

But the company said that sales increased to Rp 877.29 billion from Rp 218.5 billion.(*)