Petrosea's net profit down

JAKARTA (JP): Publicly listed engineering, construction and mining company PT Petrosea announced on Tuesday a significant decrease in net profits in the first half of the year due to the rise of the rupiah against the U.S. dollar.

The company made a net profit of Rp 34.3 billion in the first half of the year, a 77 percent decrease compared to Rp 150.7 billion in the same period last year.

The company recorded some Rp 20 billion in foreign exchange losses in the first half, while it made a Rp 126 billion profit in the same period last year.

The average rupiah exchange rate against the greenback was about Rp 8,000 in the first half as compared to above Rp 9,000 last year. (udi)