Petrosea reports 114% jump in net profit
Petrosea reports 114% jump in net profit
JAKARTA (JP): Publicly listed engineering construction and
contract mining services firm PT Petrosea, said here on Friday
that its net profit rose 114 percent to Rp 19.8 billion (US$1.75
million) during the period January to March, from Rp 8.1 billion
in the same period last year.
Company corporate secretary Andrew Holbron attributed the
sharp increase in the profit to the sharp drop in operating
costs.
He said that the company's operating costs dropped by 26
percent to Rp 167.50 billion during the first quarter of this
year from Rp 225.81 billion in the January-March 2000 period,
despite the sharp increase in fuel expenditure.
"The lower costs were the result of our consolidation
measures," Holbron stated after the annual general meeting of
shareholders.
As part of the consolidation measures, the company sold a
number of used mining assets and under-utilized spare parts, he
said.
Holbron said he was upbeat that profitability during the three
months could be maintained, thanks to an increase in the jobs
awarded to the company for rest of the year.
He said that Petrosea won new contracts early this year to
provide services to several mining and oil projects, including
British Petroleum's $2.7 million oil facilities installation
offshore from Bali, and Kaltim Prima Coal's projects.
"We'll also sign another contract next month," he said, but he
was reluctant to provide any further details.
At present, Petrosea has about 20 big clients, including oil
companies PT Total Indonesia and Gulf Resources Ltd, gold and
copper mining company PT Freeport Indonesia, gold mining
companies PT Newmont Nusa Tenggara and PT Newmont Minahasa Raya,
coal mining company PT Bukit Baiduri, and PT Kelian Equatorial
Mining.
In the meeting, the shareholders approved the management's
proposal to pay dividends of Rp 100 per share for the financial
year 2000.
The company's net profit plunged 37 percent to Rp 35.5 billion
in 2000, from Rp 56.7 billion the previous year, despite a 47
percent increase in its operating income to Rp 1.2 trillion
during the year. (05)