Energi Mega reports 10% increase in sales

IDX-listed oil and gas firm PT Energi Mega Persada Tbk. (EMP) reported Friday net sales in the first semester of this year increased by 10 percent to US$413 million compared to the same period of last year on higher production volume and gas price.

Net profit, however, tumbled to $27.29 million from Rp 175.69 million. But the company said in a statement that the first-half 2014 net profit figure does not reflect its actual performance as the huge profit made last year was partly contributed by proceeds from the sale of Masela block.

?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 127 percent increase in net profit from last year to US$27 million this year,? said EMP President Director Imam Agustino.

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 30 percent in the first half of 2014 from the same period of last year.?

EMP is an upstream oil & gas company which produced around 13,032 barrels oil per day and 223 million cubic feet gas per day throughout the first semester 2014. As per 31 March 2014, the company operates proved and probable reserves of 21 million barrels of oil and 1,200 billion cubic feet of gas.

Editing by Reiner Simanjuntak