Petrosea?s 2001 net profit jumps more than threefold

JSX listed oil and mining contractor on Thursday announced income after tax of Rp. 117 billion (US$ = 9,300) in 2001, more than threefold increase compared to 2000 net income of Rp.35.5 billion.

The company?s financial statement showed that the increased net profit mainly attributed to the company?s ability to significantly cut direct costs, decrease allowance for doubtful account and increase foreign exchange gain.

Petrosea is a 75 percent subsidiary of Australian engineering giant Clough Engineering Group. (alex)