EMP?s Q1 net profit more than 20 times higher
Wednesday, April 30 2014 - 10:47 AM WIB
Net sales rose 8 percent to $194 million, while EBITDA was up by 16 percent to $119 million, the firm said in a statement.
?The increase in sales and EBITDA were mainly driven by the higher gas price and the production growth from the Kangean PSC, Bentu PSC, Gelam TAC, and Tonga PSC,? Amir Balfas, EMP?s Director & Chief Technical Officer, said,
Meanwhile, Didit Ratam, EMP?s Director & Chief Commercial Officer, said, ?While our Company?s top line?s growth was driven by the higher production and gas price, the jump in net profit was also contributed from the reduced financing charges. Toward the end of last year, we repaid and refinanced some of our outstanding loans to reduce our interest costs. The previous loan outstanding with 20 percent interest rate was successfully replaced with a new facility which carries more efficient rate of LIBOR + 6 percent.?
EMP produced around 12,730 barrel of oil per day and 231 million cubic feet gas per day throughout the first quarter 2014. As per Dec. 31, 2013, the company operates proved and probable reserves of 27 million barrels of oil and 1,200 billion cubic feet of gas.
| Financial Highlights ('000 US$) | 1Q 2013 | 1Q 2014 |
| Net Sales* | 178,916 | 193,843 |
| EBITDA* | 103,233 | 119,662 |
| Financing Charges* | (29,011) | (20,993) |
| Net Profit (after minority interest) | 824 | 19,040 |
| Cash, Short Term Investment, Restricted Cash | 187,952 | 245,591 |
| Debt (Bank Loans) | 844,704 | 727,724 |
| Equity | 693,635 | 905,743 |
| EBITDA to Financing Charges | 3.56x | 5.70x |
| Debt to Equity | 1.22x | 0.80x |
| Net Debt to Equity | 0.95x | 0.53x |
| Debt to EBITDA | 8.18x | 6.08x |
| Net Debt to EBITDA | 6.36x | 4.03x |
| Oil Price | US$ 104/bbl | US$ 93.51 / bbl |
| Gas Price | US$ 5.48/ mcf | US$ 5.97 / mcf |
| Oil Production | 12,370 barrel/ day | 12,730 barrel/ day |
| Gas Production | 216 million cubic feet/ day | 231 million cubic feet/ day |
Editing by Johannes Simbolon