Elnusa Q1 profit up 56%

By Romel S. Gurky

IDX-listed energy service provider PT Elnusa Tbk booked a net profit of Rp 54.2 billion in the first quarter of the year, up 56 percent from Rp 34.7 billion the corresponding period of last year.

?The financial result in the first quarter of 2014 indicates Elnusa is on track to maintain its performance in the oil and gas upstream business. The Drilling & Oilfield Services division remains one of the main contributors to Elnusa?s profit and revenue,? Vice President of Corporate Secretary Fajriyah Usman said in a statement on Wednesday.

Gross profit rose 9 percent to Rp 147.8 billion, while operating profit was up by 41 percent to Rp 101.4 billion. Gross profit margin rose to 16 percent from 13 percent, while net profit margin was up to 6 percent from 3 percent.

Cash position from operation totaled Rp 129.8 billion in the first quarter of the year, three times net profit. Total cash as of the first quarter of the year was Rp 1.2 trillion, while debt owed to banks totaled Rp 540 billion, a 37 percent from the same period of last year.

The firm plans to invest US$42 million for the purchasing of core business equipment and targets an additional revenue of $32 million this year.

Editing by Johannes Simbolon