Sep 28, 2010

Petrosea posts US$20.16 mio earning

Coal mining contractor PT Petrosea Tbk (PTRO), wholly owned subsidiary of PT Indika Energy Tbk (INDY), posted a positive bottom line in the first half of this year, a reversal from net loss.
In a financial statement published today, Petrosea booked US$20.16 million net profit in the first half of 2010 from US$14.56 million net loss as of June 2009.
The better performance of the company was mainly contributed by foreign exchange gain of US$453,000 in 1H 2010 from foreign exchange loss of US$3.77 million in 1H 2009.
Petrosea's operating profit slight rose 1.75% from US$16.50 million in 1H 2009 to US$16.79 million in 1H 2010.
Revenue increased 9.56% from US$81.04 million in 1H 2009 to US$88.79 million in 1H 2010. But, cost of goods revenue ballooned 9.75% from US$56.15 million in 1H 2009 to US$61.63 million in 1H 2010.

Disclosure: No position at the stock mentioned above.

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