JAKARTA (Indonesia Today) – PT Citra Tubindo (CTBN) Tbk booked net profit of US$15.04 million in the first half of 2012, down 48% from the corresponding period of 2011 due to lower sales and profit margin.
Citra Tubindo, producer of tubular pipes for oil and gas industry, reported sales revenue of US$83.49 million in the first half, declined 13.5% from the same period last year.
Cost of sales and services also declined 11.7%, but general and administrative expenses increased by 30%. As a result, Citra Tubindo’s operating profit dropped 43% to US$18.25 million.
Citra Tubindo’s major shareholders are Kestrel Wave Investment Ltd with 42%, Vallourec & Mannesmann Tubes 33.5%, and Sumitomo Metal Industries Ltd 5.42%. (ferdi@theindonesiatoday.com)