Elnusa?s net profit drops 52%
Wednesday, November 1 2017 - 07:18 AM WIB
IDX-listed oil and gas company PT Elnusa Tbk?s financial performance continued to be undermined by the lingering slowdown in oil and gas upstream activities in the country.
The company said in a statement that net profit in the January-September period of this year totaled Rp 85.6 billion, a 52 percent drop compared to net profit of Rp 178 billion in the corresponding period of last year as reported by this portal.
The drop in net profit comes amid a 31.6 percent rise in revenue during the nine months period of this year to Rp 3.3 trillion.
Elnusa said in the statement that despite the weaker net profit in the first nine-month period, revenue and profit performance in the third quarter provides some optimism for the company.
The company said that the stronger third quarter financial performance was due to the fact some of its major contracts were only started in the second half of this year including onshore 3D seismic in West Papua, offshore seismic survey using the ELSA Regent vessel in the Andaman Sea (Aceh), drilling of exploration wells in East Kalimantan and a number of engineering, procurement-construction and operation-maintenance (EPC-OM) works.
The company said that its oil and gas downstream services subsidiary PT Elnusa Petrofin also made significant contribution to the Elnusa improving revenue.
Editing by Reiner Simanjuntak