Publicly listed service provider for oil tubular goods PT Citra Tubindo Tbk's first half net profit slashed 61.77% from US$8.92 million to US$3.41 million because revenue drop of 31.84% and soaring net other charges, mostly contributed by interest charges and foreign exchange loss.
The company today, in the first half financial statement, reports a 938.33% drop in net other income from US$295,737 in 1H 2009 to net other charges of US$2.48 million.
Interest charges ballooned from US$1.32 million in 1H 2009 to US$2.01 million in 1H 2010, while the company suffered foreign exchange loss of US$937,320 in 1H 2010, a reversal from US$296,400 forex gain a year earlier.
Citra Tubindo's operating profit was also dragged down by 34.29% from US$12.19 million in 1H 2009 to US$8.01 million in 1H 2010.
Despite a sharp drop in revenue by 31.84% from US$135.90 million to US$92.63 million in 1H 2010, Citra Tubindo posted a higher operating expenses by 72.61% from US$6.79 million in 1H 2009 to US$11.72 million.
Disclosure: No position at the stock mentioned above.
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