Petrosea's 2002 net income down
Monday, March 31 2003 - 06:34 AM WIB
JSX listed engineering, construction and mining contractor PT Petrosea Tbk reported Monday that its 2002 net income was sharply down to Rp 23.39 million (US$ = Rp 8,900) from Rp 117.51 million in the previous year due to increase in direct costs and losses in foreign exchange.
Petrosea is a subsidiary of Australia's Clough Engineering Group. The company is a mining contractor for several mining companies such as PT Bukit Baiduri Enterprise, PT Freeport Indonesia, PT Gunung Bayan Pratama Coal, PT Kaltim Prima Coal. It is also engaged in construction of oil and gas facilities at Unocal Makassar Ltd. project (robert)