The Barrow-based regional Native corporation made $59 million in profit during January to June, ASRC told shareholders in a quarterly report this week. That's the most money the company has ever made in a six-month period, said finance chief Kristin Mellinger in an interview Tuesday.

"We are very proud of our performance. We've been saying it for a couple of years now that we are concentrating on improving the bottom line. 2005 is evidence of our dedication," Mellinger said.

In a written statement, chief executive Jacob Adams echoed her comments.

"This effort is now resulting in improved profitability. I am proud of the hard work by our employees," Adams said.

He described ASRC as "the top-rated company in Alaska."

The firm employs about 6,000 people. It has numerous subsidiaries with offices across the country and in various parts of the world. ASRC makes money from oil field services, petroleum refining and marketing, government contracting, construction and other sectors.

For several years the company focused on building its revenue to the billion-dollar mark. It achieved that goal in 2000. But despite the big revenue number, profits have been thin to nonexistent. In 2002, ASRC reported a $17 million profit, followed by $5 million in profit in 2003. Last year, the company lost $17 million.

Shareholders over the last few years started clamoring for better performance, openly criticizing the company's leadership and tossing veteran director Oliver Leavitt off the board this year.

Executives have urged patience, saying expansion brings growing pains. But they promised to reduce costs and make operations more efficient.

In the first six months of this year, overhead costs totaled $38.5 million. That was down from $43.5 million during the same period last year and $49.7 million in 2003. General and administrative expenses were 5 percent of revenue during the first half of 2005, a big dip from prior spending. Between 1996 and 2002, overhead averaged 10 percent of revenue, according to last year's annual report.

Arctic Slope has benefitted from record high oil prices of late.

The company netted $10 million from its part ownership of Conoco Phillips' Alpine oil field, the state's third largest field. It also reported $10 million in profits before interest and taxes from its oil field services sector in the first half of 2005. Its petroleum refining and marketing sector reported a record $16 million in earnings before interest and taxes.

Government contracting earned the company nearly $16 million before interest and taxes, according to ASRC's financials.

The company sold its ASCG Inc. civil engineering subsidiary this year to NANA Development Corp., recording a $11 million gain on the sale.

Six-month revenue grew 40 percent to $757 million. Mellinger said she expects continued good performance.

"We believe that 2005 as a whole will be a record-setting year," she said.

Dividends for ASRC's growing shareholder population remain modest. The company paid the average shareholder with 100 shares $300 in April.

Unlike most other Native corporations, ASRC allows newborns to become shareholders. When the company incorporated in 1972, it had 3,800 shareholders. That number is now up to nearly 9,000, according to the company Web site.

The 1989 decision to add new shareholders has allowed more people to receive dividends, but it has also diluted the size of each check.

Daily News reporter Paula Dobbyn can be reached at pdobbyn@adn.com or 257-4317.