Elnusa?s investment increases despite market downturn

IDX-listed oil and gas service company PT Elnusa Tbk said its investment reached Rp 422 billion in the first nine months of the year, significantly higher compared to Rp 366 billion in the same period of last year, despite the oil price drop.

The investment was spent for equipment provision, including a US$10 million accommodation work barge called Accommodation Work Barge Elnusa Samudra 8 (ELSA 8), which the firm claimed to be the first eco-green work barge in Indonesia.

Despite the market slump, Elnusa was able to gain a good profit in the first nine months of the year Net profit as of the third quarter of 2015 reached Rp 226 billion, down from Rp 288 billion in the same period of last year. The profit for the first nine months of last year included one-time revenue totaling Rp 87 billion from asset sales. Excluding the one-time revenue, the firm?s profit for the first nine months of the year rose 12.4 percent from the same period of last year, Budi Rahardjo, Elnusa?s Director of Finance said.

Editing by Johannes Simbolon