Elnusa?s revenue up 2%, net profit jumps 114%
Thursday, July 24 2014 - 01:52 AM WIB
IDX-listed oil services provider PT Elnusa Tbk said on Wednesday that revenue in the first semester of this year slightly increased by 2 percent to Rp 2 trillion compared to the same period of last year as strategy to refocus on higher-margin core business introduced last year began to bear fruit.
Company Vice President for Corporate Secretary Fajriyah Usman said in a statement that net profit during the period jumped by 114 percent to Rp 178 billion, thanks mainly to extraordinary income of Rp 87 billion from the sale land asset.
Fajriyah said that the sale of land assets formed part of the company?s efforts to unload non-productive assets, the proceeds of which to be used to finance productive assets going forward.
Elsewhere, Elnusa said that gross profit margin increased by one percentage point to 16 percent during the first six months of this year, while operating margin improved to 9 percent from 8 percent as a result of a 7 percent growth in gross profit to Rp 314 billion, and a 23 percent jump in operating profit to Rp 190 billion.
The company said that cash and cash equivalent at the end of the first semester of this year stood at a solid level of Rp 1.1 trillion.
Editing by Reiner Simanjuntak