Elnusa?s profit rises 73.2% last year

IDX-listed oil and gas services company PT Elnusa Tbk announced on Tuesday that it had booked Rp 412.4 billion in net profit last year, up 73.2 percent from Rp 238 billion in the previous year.

Its price earning ration has thus jumped from Rp 32.8 to Rp 56.5 per share.

Operating revenue rose 2.7 percent to Rp 4.2 trillion with oil and gas upstream services (oilfield and land seismic services) contributing 58 percent. Also contributing to the sharp rise in the net profit is efficiency program, which is reflected in the decrease in interest expense and the rise in interes income. Other contributing factors are the sales of land assets and foreign exchange gain.

Cash position dropped due to the repayment of debts amounting to Rp 438 billion and the purchasing of various work equipment such as accommodation work barge, electric wireline unit, coiled tubing unit, geophones etc which are worth a total of Rp 366 billion.

Editing by Johannes Simbolon