Sep 30, 2010

Rig Tenders operating profit up 294%

Publicly listed PT Rig Tenders Indonesia Tbk (RIGS) posted a steep jump in operating profit by 294.87% as a result of shrinking operating expenses.
Rig Tenders is engaged in the chartering of tugs and barges to transport coal and other bulk aggregates
In the first half financial statement submitted to Indonesia Stock Exchange today, Rig Tenders posted US$4.62 million operating profit in 1H 2010 from US$1.17 million a year earlier.
The company's operating expenses shrank 16.58% from US$22.56 million in 1H 2009 to US$18.82 million in 1H 2010.
In line with lower operating expenses, Rig Tenders also booked a revenue decrease by 1.22% from US$23.73 million in 1H 2009 to US$23.44 million in 1H 2010.  
At the bottom line, Rig Tenders booked US$3.58 million net profit in 1H 2010, a 7,492% jump from US$47,183.

Disclosure: No position at the stock mentioned above.  

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