Mar 2, 2011

Petrosea FY10 net income skyrockets

Coal and energy contractor PT Petrosea Tbk (PTRO), wholly owned by PT Indika Energy Tbk (INDY), today reported a 2,557.2% jump in net income as higher contributors from two associated companies.
In a consolidated financial statement submitted to Indonesia Stock Exchange (IDX) today, Petrosea's net income last year recorded US$42.25 million from US$1.59 million.
Two associated companies dubbed PT Santan Batubara and PT Tirta Kencana Cahaya Mandiri contributed net income of US$14.39 million from US$429,000.
Santan Batubara is coal miner owned by Petrosea and PT Harum Energy Tbk (HRUM). At the operational line, Petrosea's operating profit slightly fell 3.04% to US$38.29 million from US$39.49 million.
Gross profit also shrank 0.22% to US$55.27 million from US$55.39 million. Revenue increased 8.79% to US$186.95 million from US$171.83 million.

Disclosure: No position at the stock mentioned above.

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