Aug 25, 2010

Mitra International loss soars 86.19%

PT Mitra International Resources Tbk (MIRA), parent company of drilling operator PT Apexindo Pratama Duta Tbk (APEX), today announces a ballooning net loss of 86.19% in the first half of this year.
In the financial statement published at Indonesia Stock Exchange website today, the higher net loss was mainy spurred by lower revenue and operating profit, dispite net charges surge.
Mitra posted Rp566.85 billion net loss in the first half of this year from Rp304.45 billion a year earlier.
Net charges also soared from Rp633.02 billion in 1H 2009 to Rp830.29 billion in 1H 2010, propelled by bank interest and penalties and other charges.
Mitra International's operating profit dropped 56.07% from Rp421.96 billion in 1H 2009 to Rp185.38 billion on the back of lower revenue and soaring operating cost. Revenue fell 17.01% from Rp1.47 trillion in 1H 2009 to Rp1.22 trillion in 1H 2010.  

Disclosure: No position at the stock mentioned above. 

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