Radiant boosts net profits

By peni Pedriawan

Indonesia-listed PT Radiant Utama Interinsco announced a 99 percent increase in net profits in the first nine months of the year from a year earlier.

The company said in a statement that net profit rose from Rp9.1 billion in the January-September last year to Rp17.9 billion. Revenue rose 28.7 percent to Rp1,081.9 billion mainly due to higher revenue from all division, namely operation support, offshore, inspection, and others division.

Radiant Utama previously focused on oil and gas service business. But in 2008, it also entered upstream business by acquiring 100 percent PT Radiant Bukit Barisan, which has 51 percent participating interest in South Bukit Barisan block in West Sumatera.

In line with higher net profit, profitability also improved as net margin rose to 1.7 percent from 1.4 percent. Gross and operating margin stood at 15.1 percent and 8.0 percent, respectively.

Editing by Dadan Wijaksana