EMP reports higher sales
Saturday, November 1 2014 - 04:58 AM WIB
The company said in a statement that sales during the period reached US$603 million, EBIDAT at $360 million, and net profit $40 million.
Imam Agustino, EMP?s President Director, said the sales and EBITDA grew by 4.5 percent and 10.1 percent, respectively, compared to the corresponding period of last year.
?This is due to the higher production volume and increased oil & gas price,? he said.
?Please note that we booked a one-time gain only from the sale of Masela block last year. Without such gain, EMP actually recorded a 2 percent increase in Net Profit from last year to US$40 million this year,? he added.
Didit Ratam, EMP?s Director, further explained, ?Last year, we managed to repay and refinance some of our outstanding loans to reduce our interest costs.
Consequently, EMP?s financing charges was down by almost 17.5 percent in the first 9 months 2014 from the same period of last year. The company?s debt to equity ratio also improved from 0.82x (last year) to 0.70x (this year).?
EMP is an upstream oil and gas company which produced around 12,928 barrels oil per day and 224.5 million cubic feet gas per day throughout the first 9 months 2014. As per 30 September 2014, the company operates proved and probable reserves of 16.4 million barrels of oil and 895 billion cubic feet of gas.
| Financial Highlights ('000 US$) | 9M 2013 | 9M 2014 |
| net sales* | 576,962 | 603,068 |
| EBITDA* | 326,636 | 359,740 |
| financing charges* | (73,097) | (60,277) |
| gain on sale of masela block | 163,684 | - |
| net profit (after minority interest) | 202,914 | 40,084 |
| net profit (after minority interest) without gain on sale of masela block | 39,230 | 40,084 |
| ? | ||
| ? | FY 2013 | 9M 2014 |
| cash, short-term investment, restricted cash | 204,971 | 195,923 |
| debt (bank loans) | 731,417 | 657,655 |
| equity | 887,949 | 933,699 |
| ? | ||
| ebitda to financing charges | 4.46x | 5.96x |
| debt to equity | 0.82x | 0.70x |
| net debt to equity | 0.59x | 0.50x |
| ? | ||
| ? | 9M 2013 | 9M 2014 |
| oil price | US$ 92.45/bbl | US$ 93.42/bbl |
| gas price | US$ 5.8/ mcf | US$ 5.95/ mcf |
| oil production | 12,526 barrel/ day | 12,928 barrel/day |
| gas production | 217 million cubic feet/ day | 224.5 million cubic feet/day |
| *Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% | ||
Editing by Reiner Simanjuntak