JAKARTA - PT Petrosea Tbk (PTRO) recorded a net profit increase of 15.81% year on year (yoy) to US$ 20.58 million as of the third quarter of 2019. In addition, the company's revenue in the period also grew 16.12% yoy to US$ 326.16 million.
"All achievements up to the third quarter of 2019 were obtained from increased productivity through the implementation of operational excellence, strong technical and engineering capabilities, and digital transformation of mining operations carried out to spur financial and operational performance of the company," Petrosea President Director Hanifa Indradjaya said in an official statement received by IDNFinancials.com, Thursday (31/10).
The Mining Contract business line became the main contributor to Petrosea's revenue with US$ 220.35 million or 58.18% of ITS total revenue, followed by Engineering & Construction with a US$ 81.85 million from infrastructure projects in Central and East Kalimantan for PT Maruwai Coal and PT Kideco Jaya Agung, and Papua and East Java for PT Freeport Indonesia (PTFI)
In addition, the Petrosea Logistics & Support Services business line also grew 19.63% yoy to US $ 74.34 million. This growth was supported by the development of fuel and material storage facilities for PT Karingau Gapura Terminal Energy (KGTE) in East Kalimantan, loading-unloading activities and provision of storage facilities at the Petrosea Offshore Supply Base (POSB) in Sorong, as well as the provision of port operations and services for PTFI through PT Kuala Pelabuhan Indonesia. (MS)