Energi Mega reports net loss of over $40m

IDX-listed oil and gas company PT Energi Mega Persada Tbk (EMP) reported a net loss of US$40.76 million in the January-September period of this year, compared to a net profit of $40 million the corresponding period of last year.

The company said that sales in the first nine months of this year reached $465 million, and EBITDA $236 million.

?On the quarterly basis, our sales, EBITDA, and production volume are relatively consistent. The main reason for the net loss of US$40 million remain the large depreciation, depletion, and amortization costs as a result of EMP having to apply the new Indonesian GAAP accounting method,? EMP?s CEO Imam Agustino said in a statement Thursday

Didit Ratam, EMP?s Director, further explained, ?We manage to cut our financing charges as a result of past debt repayment and refinancing. This led to improved financial multiples on the quarterly basis. We recorded strong debt to equity ratio of 0.69x and interest coverage ratio of 6.2x.?

EMP is an upstream oil and gas, operating 12 oil and gas assets in Indonesia and Mozambique (Africa). In the first nine months of 2015, EMP produced 11,138 barrels of oil per day and 214 million cubic feet gas per day from its 12.6 million barrels of oil and 851 billion cubic feet gas of proved and probable reserves, based on its net working interests.

Financial Highlights ('000 US$)	Jan - Jun 2015 (six months)	Jan-Sep 2015 (nine months)
Net Sales*	323,092	465,145
Gross Profit	9,763	332
EBITDA*	168,636	235,721
Financing Charges*	(27,295)	(38,057)
Net Profit (Loss)	(33,413)	(40,764)
	Jun 2015	Sep 2015
Cash, Restricted Cash	149,876	153,217
Debt (Bank Loans)	446,734	431,105
Equity	619,055	628,323
Financial Ratios	Jun 2015	Sep 2015
Debt To Equity	0.72x	0.69X
Net Debt To Equity	0.48x	0.44X
Interest Coverage Ratio	6.18x	6.19X
Price & Production Highlights	Jan-Jun 2015 (six months)	Jan-Sep 2015 (nine months)
Average Oil Price	US$49-74/bbl	US$50/bbl
Average Gas Price	US$6.10/mcf	US$6.5/mcf
Average Oil Production	11,454 barrel/day	11,138 barrel/day
Average Gas Production	218.2 million cubic feet/day	214.7 million cubic feet/day
*) Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% WI.

Editing by Reiner Simanjuntak