Logindo?s net profit up more than 21%

By Ruli Setiawan

IDX-listed offshore support services company PT Logindo Samudramakmur Tbk saw its net profit increased by 21.24 percent to US$19.98 million in 2014 compared to the previous year.

Company President Director Eddy K. Logam said in a statement Friday that revenue rose by 17 percent to $69 million year-on-year.

?This achievement is the result of our strategy to purchase and operate 5 bigger horsepower ships that has contributed 40 percent of the total revenue in 2014. The company also managed to get some new customers to diversify and expand the customer base,? he said.

Despite the current drop in global oil prices, Eddy said that he was still optimistic of the oil and gas sector in Indonesia.

"Oil and gas industry has a long business cycle. From the beginning of the stage of exploration, development & construction to production will take more than 5 years. Especially for Indonesia whereby oil production continues falling while consumption is increasing, then it has to immediately increase the exploration process to improve the reserve replacement ratio massively in order to be able to become an energy self-sufficent country,? he explained.

He added serious efforts to convert the usage of oil to gas should continue to be pursued, and at the same time the new exploration process is expected to also find gas reserves in adittion to oil reserves.

Editing by Reiner Simanjuntak