Elnusa?s 2015 profit drops 11.84% amid market downturn
Thursday, February 25 2016 - 01:16 PM WIB
IDX-listed oil and gas service company PT Elnusa Tbk recorded Rp 375 billion in net profit in 2105, down 11.84 percent from Rp 426 billion in the previous year.
The firm recorded a one-time revenue amounting to Rp 87 billion from land sales in 2014. Had the one-time revenue been deducted on the 2014 revenue, the firm would have recorded a 10.92 percent increase in net profit this year, the firm said in statement filed with the Indonesian Stock Exchange on Thursday.
The firm said it was still able to record an encouraging financial performance in 2015 despite market downturn
?The industry was faced with grave challenges in 2015 due the drop in global oil prices. To cope with the situation, the firm did its best to improve efficiency and effectiveness by changing work method implementing sustainable innovation, expanding business and penetrating new markets. The firm was able to arrest the decline in revenue and record a relatively encouraging growth in net profit,? the firm said.
Revenue reached Rp 3.7 trillion in 2015, a 10.6 percent decrease on the previous year.
The efficiency program carried out by the firm proved effective, which was evidenced in the percentage of costs against revenue, which fell to 80.96 percent in 2015, from 81.99 percent in the previous year, according to the firm.
By the end of last year, the firm?s cash position stood at Rp 935 billion while cash generated from operation reached Rp 424 billion. Meanwhile, the firm?s debt reached Rp 740 billion at the end of last year.
?Elnusa was still in net cash position by the end of last year, which is a condition which only few companies in the oil and gas sectors find themselves in at present,? the firm said.
?In view of this, we can say that Elnusa?s fundamentals are still strong, compared to its competitors in the national oil and gas industry,? the firm added.
Editing by Johannes Simbolon