Petrosea?s net profit surges in 2001

Jakarta listed oil, gas and mining contractor PT Petrosea Tbk .on Tuesday reported a net profit after tax of Rp. 68.7 billion (US$ = 10, 400) for the year ended September 2001, which is a more than 100 percent jump compared to last period?s net profit of Rp. 31.8 billion.

Despite falling revenue, the company managed to double profit due to a substantial direct cost cut down.

Petrosea, which on e of Indonesia?s major oil, gas mining contractor, is a subsidiary of Australian construction giant Clough Engineering Group. (alex)