Elnusa reports 44% jump in net profit

IDX-listed oil and gas services company PT Elnusa Tbk said on Tuesday that net profit in the first quarter of this year jumped by 44 percent to Rp 93 billion compared to Rp 65 billion in the same period of last year.

The company said in a statement that the increase in the net profit comes despite a relatively flat year-on-year revenue growth of 0.4 percent to Rp 921 billion during the quarter.

?Our revenue has been relatively stable due to business differentiation which has been carried out at the Elnusa Group. In addition, oil price has started to show signs of improving so that we?re optimistic going forward,? said Elnusa President Director Syamsurizal in the statement.

?The 44 percent jump in the (first quarter) net profit also produced an increase in net profit margin from 7 percent to 10.2 percent. The stronger performance has been driven by the effect of our cost efficiency measures as part of our efforts in quickly responding to the industry situation, as well as increasing contribution of the seismic business which has managed to grow. In addition, the Elnusa subsidiary in oil and gas data management has also contributed significantly to the stronger net profit,? he explained.

Elsewhere, Elnusa said that cost of revenue declined by 7.8 percent during the quarter, resulting in a 35 percent increase in gross profit to Rp 214 billion. Operating profit jumped by 58 percent to Rp 168 billion, year-on-year, thanks to a 11 percent decline in operating cost.

Meanwhile, Elnusa said it has also managed to cut down debts by 52.2 percent to Rp 354 billion.

Editing by Reiner Simanjuntak