Petrosea to pay dividend

Petrosea to pay dividend

JAKARTA: Oil and mining construction company PT Petrosea said it would distribute Rp 8.5 billion (about US$1 million) in dividends, or Rp 50 per share, despite a sharp decline in profit and a gloomy outlook.

Petrosea's operating revenue in 2002 dropped to Rp 848 billion from Rp 862 billion in 2001, while its net profit declined to Rp 23 billion from Rp 117 billion the previous year.

Company president Micheil E. Anderson said that business prospects would remain difficult for the company this year due to rising operating costs, including fuel costs.

Anderson said the company's growth was predicted to remain flat this year.

About 74 percent of Petrosea's shares are owned by Clough International Singapore. -- JP