Petrosea's profit drops

Petrosea's profit drops

JAKARTA (JP): PT Petrosea, a mining construction company, yesterday reported a 68.3 percent decline in its net profit to Rp 7.04 billion (US$2.3 million) during the first nine months of this year.

The company's president, Timothy Richard Humphry, explained to the company's shareholders in a meeting here that the major causes of the profit decrease were a decline in its constructions jobs and the payment of previous years' tax liabilities.

He said the company's operating profit in the January to September period fell to Rp 12.82 billion from Rp 30.44 last year in the same period of last year, while its revenues declined to Rp 99.38 billion from Rp 126.62 billion.

The company expects to generate a total revenue of Rp 132 billion this year with an operating profit of Rp 16 billion, he added.

"The company's earning per share is projected at Rp 388 this year," said Timothy. (08)