Asia Pulse Pte Ltd, rigzone.com --- Publicly listed oil drilling company PT Apexindo Pratama Duta (JSX:APEX) has forecast a 30% increase in net profit to Rp495 billion (US$165 million) this year, compared with last year.
The subsidiary of the Medco Group reported Rp380.8 billion in net profit last year, as against a net loss of Rp43.1 billion in the previous year.
Apexindo chief commissioner Hilmi Panigoro said that demand for drilling services was strong, with the soaring price of oil encouraging producers to launch intensive exploration.
The company, which has a number of oil rigs, posted sales valued at Rp1.4 trillion last year, up from Rp1.1 trillion in the previous year.
