Elnusa`s profit up 59% in H1

Indonesia-listed integrated upstream oil and gas service company PT Elnusa Tbk said Thursday its first-semester net profit grew 59 percent to Rp43.08 billion (US$ = Rp 8,500) from Rp27.10 billion in the same period last year.

"The increase in net profit was related to a rise in gross profit which reached 20 percent to Rp217.42 billion from the same period last year," Elnusa's spokesman Heru Samodra said.

The profit resulted from operating income which reached Rp2.15 trillion in the first semester of 2011, including integrated upstream oil and gas service group, Elnusa`s core business, which contributed Rp845.86 billion or 39 percent of the operating income.

Meanwhile, downstream oil and gas service group contributed Rp1.15 trillion or 53 percent of the operating income, and supporting upstream oil and gas service group Rp184.99 billion or 8 percent of the operating income.

"We continue to make many improvements in relation to a delay in the realization of several projects in the seismic business," he said.

Yet, geoscience service still took the lead, contributing 48 percent of the operating income in the upstream oil and gas service, particularly fueled by land seismic acquisition business and marine seismic and transition zone business, he said.

In the first semester of 2011, Elnusa again won contracts from leading clients, including Pertamina, Chevron, and Total E&P Indonesie, he said (romel)