Elnusa reports lower revenue, profit

IDX-listed oil and gas services company PT Elnusa Tbk said that revenue in the first nine months of this year declined by 3.7 percent to Rp 2.5 trillion compared to Rp 2.6 trillion in the corresponding period of last year as oil and gas activities slowed down amid weak oil price.

Elsnua Finance Director Budi Rahardjo said in a statement on Friday that net profit also declined to Rp 178 billion. He did not provide comparative figure for the same period of last year, but said that the net profit during the January-September period of this year was also undermined by forex losses of Rp 22 billion.

Elsewhere, the statement said that during the January-September period of this year, Elnusa obtained new contracts worth US$77 million, of which operation maintenance services accounted for 57 percent. The company?s total contracts at hand during the nine-month period was $388 million.

Elsewhere, Elnusa said that it was ready next year to carry out onshore seismic activities in East Java, Central Kalimantan, and South Sumatra.

It added that offshore seismic activities, which have been dormant over the past few years, is ready to resume following the acquisition of a new seismic vessel called ELSA Regent, which would be used for 2D seismic in Java Sea.

Editing by Reiner Simanjuntak