Energi books $203m net profit

IDX-listed PT Energi Mega Persada Tbk. announced on Thursday net sales of US$576 million, EBITDA of $326 million, and net profit of $203 million in its consolidated nine months 2013 financial results.

?These represent significant improvement in the Company?s financial performance on the Quarterly Basis and Yearly Basis,? the firm said in a statement filed with the Indonesian Stock Exchange.

The company?s top line growth was driven mainly by the production increase from Kangean PSC ( East Java ), ONWJ PSC ( West Java ), and Bentu PSC (Riau, Sumatera) blocks. During the same period, ENRG?s significant profit growth was due to the one-time income received from the sale of the Company?s 10 percent stake in the Masela PSC block ( Arafura Sea ).

CEO Imam Agustino said, ?Our focus now is to increase outputs from our producing assets and to further develop our exploration fields. Kangean, ONWJ, and Bentu will continue to sustain our Company?s growth story in the next 2 years.?

The firm produced around 49,000 barrels equivalent per day of oil and gas throughout the first nine months of 2013. As per September 2013, it manages over 200 million barrels equivalent of certified proved and probable reserves of oil and gas.

Editing by Johannes Simbolon