Apexindo profit cut in half

Apexindo profit cut in half

JAKARTA: PT Apexindo Pratama Duta, an Indonesian oil and gas drilling service contractor, announced on Friday a decline both in its first quarter sales and net profit.

In a report to the Jakarta Stock Exchange the company said that its sales dropped to Rp 139 billion (US$16 million) compared to Rp 166 billion in the same quarter of 2002.

Net profit also declined to Rp 8 billion from Rp 22 billion.

The company, which is a subsidiary of the country's oil company PT Medco Energy International, did not provide further details on the decline. -- JP