Energi Mega says net profit soars to $176m on asset sale

IDX-listed PT Energi Mega Persada Tbk (ENRG) reported on Thursday net sales of US$374 million in the first semester of this year, up 55 percent compared to the same six-month period of last year.

The company said in a statement that net profit during the period jumped by 14,480 percent year-on-year to $176 million, while EBITDA stood at $212 million.

?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,? ENRG said in the statement. 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).

Imam Agustino, the CEO of ENRG, said, ?Our focus now is to increase outputs from our producing assets and to further develop our explorations assets. Kangean, ONWJ, and Bentu will continue to drive our Company's growth story in the next 2 years."

Financial Highlights (US$ ?000)	1H 2012	1H 2013
Net Sales*	241,842	374,587
EBITDA*	124,273	211,522
Net Income	1,205	175,694
Oil Price	US$ 117.84/ bbl	US$ 97/bbl
Gas Price	US$ 4.21/ mcf	US$ 5.78/ mcf
Oil Production	12,522 barrel/ day	12,551 barrel/ day
Gas Production	103 million cubic feet/ day	221 million cubic feet/ day
Includes ONWJ revenues & EBITDA based on 36.7205%

Editing by Reiner Simanjuntak