Elnusa?s net profit increases 9.2% despite weak oil price

IDX-listed oil and gas services company PT Elnusa Tbk said its net profit in the first semester of this year increased by 9.2 percent to Rp 145 billion compared to Rp 133 billion in the corresponding period of last year.

The company said in a statement Monday that this was despite a 5.1 percent declined in revenue to Rp 1.7 trillion year-on-year due to the weak oil price and global economic condition.

Elnusa?s Finance Director Budi Rahardjo said that efficiency measures have allowed the company to cut down cost of revenue by 8 percent, thus increasing gross profit by 9.7 percent to Rp 324 billion. Operational profit jumped by 35.8 percent, while EBITDA increased by 23.6 percent to Rp 377 billion.

Budi said that the company?s diversified businesses provided benefits during the current oil downturn as declining in drilling services and oilfield business were compensated with higher activities in seismic, distribution and logistics services, as well as other supporting businesses.

Editing by Reiner Simanjuntak