Nov 30, 2010

Petrosea posts US$29 mio net income

Mining contractor PT Petrosea Tbk (PTRO) today reports US$29.04 million net income, a 572.96% jump from US$6,14 million net loss for the first 9 months ended September 2009.
In the financial statement submitted to Indonesia Stock Exchange (IDX) today, the net income was underpinned by net others income of US$1.43 million from other charges of US$38.51 million.
However, at the operational line, Petrosea's operating income slashed 23.24% to US$24.70 million from US$32.19 million due lower gross income.
The company posted a 14.02% drop in gross income to US$37.59 million from US$43.72 million on the back of higher cost of goods revenue of 11.54%.
In reversal, revenue made a slight rise of 3.07% to US$135.91 million from US$131.86 million.

Disclosure: No position at the stock mentioned above.

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