The Jakarta Post/Jakarta --- Publicly listed drilling firm PT Apexindo Pratama Duta booked a net profit of Rp 149.4 billion (US$16.6 millioin) in the first quarter of this year, reversing a loss incurred in the same period last year, it was announced Thursday.
It posted a total loss of Rp 5.3 billion during the first quarter of last year due to a U.S. dolar conversion loss of Rp 22 billion.
Agustinus B. Lomboan, finance director, said the increase in profits was a attributable mainly to a jump in revenue, lower cost, lower interest payments and exchange rate gains.
A subsidiary of publicly PT Medco Energy International, Apexindo offers oil, gas and geothermal drilling services.
Its operating profit during the first quarter increased by 56.6 percent to Rp 83.8 billion compared to Rp 53,5 billion for the same period in 2004. It also reported exchange rate gains of Rp 19.9 billion as the rupiah strengthened against the U.S. dollar.
Agustinus said he expected the company’s total revenue to increase by six percent to US$123 million this year from US$116 million last year as increasing oil prices on the global market encouraged more exploration work.
“Support firms in the oil industry has started to benefit from the increasing oil prices on international markets,” he said.
