Coal mining contractor PT Petrosea Tbk (PTRO) today reported a 24.56% increase in net profit last year on the back of stable growth in revenue.
Petrosea, a subsidiary that is controlled by energy integrated company PT Indika Energy Tbk (INDY), posted US$52.64 million net profit last year from US$42.26 million a year earlier.
Gross profit rose 38.10% to US$76.33 million from US$55.27 million, while direct cost also increased 42.35% to US$187.44 million from US$131.68 million.
Petrosea's consolidated revenue increased 41.19% to US$263.77 million from US$186.95 million.
Disclosure: No position at the stock mentioned above.
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