EMP records net profit in H1
Friday, July 29 2011 - 02:58 AM WIB
The company?s EBITDA rose by almost 183% in the first half of 2011 from the same period of last year. EMP also turned around its bottom line result by recording a net profit of Rp 34 billion in the first semester of 2011 from a net loss of Rp 75 billion in the same period of last year.
The company?s improved financial results are driven by a combination of increased selling prices, higher production rate, and improved debt to equity ratio.
EMP?s CEO Imam Agustino said, ?Our company?s improved financial results are mostly due to the following reasons. First, both the Kangean PSC (East Java) and Bentu PSC (Riau) have driven the 12.82% growth in EMP?s production rate. Second the favorable trend of oil price and our improved gas price also contribute to the company?s sales and EBITDA growth. And third, EMP?s relatively low Debt to Equity ratio of 0.7x means our P & L is not overly burdened by interest expenses.
Overall we are satisfied with our first half 2011 financial results. Our company is on track to achieve the forecasted financial and production results by end of 2011. We will continue to strive to boost production rate and negotiate for higher gas pricing going forward.? (romel)
| ? | 1H 2010 | 1H 2011 |
| Net Sales ('000) | Rp 543,415,355 | Rp 865,557,760 |
| EBITDA ('000) | Rp 134,597,303 | Rp 380,668,625 |
| Net Profit (Loss) ('000) | (Rp 75,389,017) | Rp 35,701,813 |
| Daily Oil Production | 6,500 barrel/day | 7,059 barrel/day |
| Daily Gas Production | 41 BBTU/day | 47.9 BBTU/day |
| Realized Oil Price | US$ 79.4/bbl | US$ 112.2/bbl |
| Realized Gas Price | US$ 2.5/mcf | US$ 3.6/mcf |
| Debt to Equity Ratio | 0.6x | 0.7x |
| Interest Coverage Ratio | 0.9x | 2.27x |