Petrosea?s 9-month net profit plunges on forex loss, lower revenue
Tuesday, November 26 2002 - 08:03 PM WIB
JSX-listed engineering, construction and mining contractor PT. Petrosea Tbk?s 9-month net profit plunged to Rp.3.6 billion (US$ = 8,8985) or Rp.35 per share from Rp.68.7 billion or Rp.670 per share in same period last year.
The steep drop in net profit was due to foreign exchange loss, which soared from Rp 2.8 billion in the nine month of 2001 to 35 billion in nine month of 2002 and decreasing operating income from Rp.668 billion last year to Rp. 557 billion this year.
Petrosea, which is a subsidiary of Australia?s Clough Engineering Group, works for several mining firms including PT Kaltim Prima Coal, PT. Bukit Baiduri Enterprise and Freeport Indonesia. It is also engaged in construction of oil and gas facilities in Indonesia. (alex)