Aug 2, 2010

Apexindo suffers profit fall by 90%

Publicly listed oil and gas drilling operator PT Apexindo Pratama Duta Tbk (APEX), wholly owned subsidiary of PT Mitra International Tbk (MIRA), experienced a steep fall in its earning on the back of soaring interest charges of several loans.
In the first half financial report submitted to Indonesia Stock Exchange (IDX),  as reported by Bisnis.com  today, Apexindo posted US$4.03 million of net profit or US$0.00152 per share in 1H 2010, a 90.78% drop from the same period last year of US$43.73 million or US$0.0164 per share.
The operator was charged by cost of financing worth US$14.48 million in 1H 2010, ballooning from a year earlier of only US$4.93 million. The cost was mainly contributed by bond interest worth US$5.96 million and bank laons' interest of US$8.52 million.
Apexindo's operating income tumbled 37.04% from US$57.51 million in 1H 2009 to US$36.21 million in 1H 2010.
The company's revenue slumped 13.41% from US$118.47 million in the first 6 months last year to US$102.58 million in 1H 2010.
Apexindo booked a 28.91% lower of cash at the end of June this year from US$96.46 million in 1H 2009 to US$68.57 million as a resulf of bond payment worth US$79.54 million.
Mitra International Holdings Pte Ltd controled 98.11% stakes in Apexindo, PT Hertech Kharisma holds 1.61%, and public share holders own the remaining stakes. 

Disclosure: No position at the stock mentioned above.

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