Nov 9, 2010

Apexindo 9M net profit dives 97%

Drilling company PT Apexindo Pratama Duta Tbk, the most precious asset and the largest revenue contributor for PT Mitra International Tbk (MIRA), has suffered 97% plunge net earning during the first 9 months ended September 30 2010 on the back of higher net other expenses and cost of goods sold (COGS).
Apexindo posted US$1.40 million net profit as of September 2010 (9 months 2010) from US$46.73 million a year ago.
Net other expenses ballooned from US$12.64 million in 9M 2009 to US$53.80 million in 9M 2010.
Operating profit declined 24.47% from US$76.59 million in 9M 2009 to US$57.85 million in 9M 2010. Gross profit also slashed 21.56% from US$83.34 million to US$65.37 million in 9M 2010.
Apexindo's revenue fell 8.91% from US$169.99 million in 9M 2009 to US$154.85 million in 9M 2010.
Disclosure: No position at the stock mentioned above. 

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