Elnusa back to black
Friday, March 22 2013 - 04:50 AM WIB
IDX-listed integrated upstream oil and gas service company PT Elnusa reported Rp128 billion in net profits in 2012, a turnaround from the Rp43 billion in losses the year before.
As the overall revenue only increased by 1 percent, the company?s solid performance last year was attributed more to efficiency, according to Sri Purwanto, Head of Communications Division.
?The good performance was the result of improvement in cost structure, customer selection and a tight project management,? Sri said.
The company has said it planned to diversify its business from its core oil and gas services in the upstream to downstream businesses during the period of between 2013 and 2017, to secure a more sustainable stream of income.
About 95 percent of Elnusa?s income is derived from short term businesses, such as seismic, and other short term services for exploration. The new ventures will include marine support services, logistics for oil & gas, and operation & management (O&M).
Editing by Dadan Wijaksana