By Rara Suratmi
IDX-listed mining contractor PT Petrosea Tbk (IDX: PTRO) recorded a net profit attributable to the parent entity of US$10.58 million in the nine months to September 2023 (9M2023), fell significantly by 65.63 percent from $30.78 million in the same period last year.
The decline was partly due to the increase in direct costs or costs of goods sold, which eroded the higher revenues.
In the period, the company booked revenues of $418.79 million, increased 27.04 percent from $329.66 million in the same period last year. The revenues were contributed by mining, construction and engineering, services and others.
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Its costs of goods sold, however, jumped 38.4 percent from $262.79 million in 9M2022 to $363.69 million in 9M2023. This led to a decline in gross profit to $55.10 million in 9M2023 from $66.88 million in 9M2022, or down 17.61 percent.
Its pre-tax profit also fell sharply by 68.94 percent to $11.86 million in 9M2023 from $38.19 million in 9M2022.
Editing by Roffie Kurniawan
