Energi Mega swings to net profit in 9M2011
Monday, October 31 2011 - 09:37 AM WIB
The improved performance was supported by a rise in revenues. In the period, the company posted revenues of Rp1.32 trillion, surged 59 percent from the same period last year at Rp830.56 billion.
Its earnings before interest, tax, depreciation and amortization (EBITDA) surged 203 percent to Rp565.94 billion from Rp186.49 billion in the same period last year.
"ENRG?s improved financial results were driven by a combination of increased selling prices, higher production rate, and manageable debt to equity ratio,? the company?s President Director Imam P. Agustino said in a statement.
"Overall we are satisfied with our first 9 months results. First, our Kangean PSC and Bentu PSC (Riau) were responsible for most of the oil and gas production growth year on year," Imam Agustino said.
He said the company is looking forward to consolidating more oil and gas productions from Tonga PSC ( North Sumatera ) and Gelam TAC (Jambi) in the 4th quarter of 2011.
?The favorable trend of the global oil price and our improved gas price also contributed to the company?s sales and EBITDA growth,? he noted.
The other factor, he said, Energi Mega?s relatively low debt to equity ratio (DER) of 0.76x, which is considerably at healthy level.
?This means our profit and loss statement is not overly burdened by interest expense. We will continue to grow production rate and negotiate for higher gas price going forward,? Imam Agustino said. (godang)