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)