Elnusa?s Q1 net profit up 20%

By Thomas R. Sembiring

IDX-listed oil and gas services company PT Elnusa Tbk saw a 20 percent increase in net profit in the first quarter of this year to Rp 65 billion compared to the same period of last year despite the current industry slowdown in the wake of oil price drop.

Finance Director of Elnusa Sabam Hutajulu said on Wednesday that the profit growth was mainly driven by improvement in drilling and oilfield services as well as land seismic services.

Gross profit in the first quarter of this year also increased by 7 percent to Rp 158 billion from Rp 148 billion in the corresponding period of last year, while operating profit rose by 5 percent to Rp 106 billion from Rp 101 billion. EITDA grew by 9 percent.

?Elnusa has been able to sustain growth with positive contribution from its core businesses,? said Sabam at an investors forum.

Editing by Reiner Simanjuntak