ENRG books Rp 68b net profit in 2011
Monday, April 2 2012 - 03:06 AM WIB
Oil and gas company PT Energi Mega Persada Tbk (ENRG) has successfully turned around its bottom line result from a loss in 2010 into a Net Profit of Rp 68 billion in year 2011.
The company said in a press statement on Monday that its improved financial results were driven by a combination of increased selling prices, higher production rate, and more efficient production costs.
It reported that its net sales and EBITDA respectively rose by 69 percent and 140 percent to Rp 2 trillion and Rp 894 billion during financial year of 2011.
We are quite satisfied with our 2011 financial results. First, our North Pagerungan oil field (Kangean PSC. East Java) and our gas fields in Bentu PSC (Riau) have contributed about 27% production growth in 2011," Imam Agustino, the CEO of ENRG, said.
"Second the favorable trend of the global oil price and our increased gas price also contributed to the Company?s 2011 Sales and EBITDA growth. And third, we focused more on development and work over drillings to enhance production more efficiently in 2011," he said.
He also expected to book significant production growth in year 2012 from Terang gas field, Seng and Segat gas fields. Tonga PSC oil block (North Sumatra), and its newly acquired Offshore North West Java (ONWJ) PSC.?
| FYE 2010 | FYE 2011 | Growth | |
| Net Sales (Pp 000) | 1.249.710,407 | 2,122,862753 | +69% |
| EBITDA (Rp ?000) | 372,759,367 | 894,186,757 | + 140% |
| Net Profit (Loss) (Rp ?000) | (62,318,783) | 68.562,714 |
| Oil Price | US$81 4/bbl | US$1123/bbl | +38% |
| Gas Price | USS 2.9/ mcf | US$ 4.0/ mcf | +38% |
| Oil Production | 6,370 barrel/ day | 7,200 barrel/ day | +13% |
| Gas Production | 42 million cubic feet/day | 56.4 million cubic feet/ day | +34% |
Editing by Benget Besalicto Tnb.