Release: EMP reported a 24% increase in EBITDA
Wednesday, December 1 2010 - 10:36 AM WIB
ENRG was able to increase the Company?s EBITDA to /DR135 57 billion from IDR 109,73 billion in the same period of last year despite the 20% drop in Sales. The Sales decrease was mainly due to the lower oil and gas volume of production in 2010 compared to the same period of last year.
Imam Agustino, ENRG CEO, said, ?Our production rate suffers due to the under-drilling activities in the previous year. But despite this challenge, we are able to maintain higher margin in line with our production cost efficiency strategy Furthermore, the higher realized oil price somewhat helps to book a 21% gross profit margin?.
ENRG?S cost efficiency strategy and lower interest and financing charges have resulted in the Company?s improved bottom line position by .57%. The Company looks forward to announcing a series of organic achievements within its existing portfolio in the next 4 weeks.
Agustino further explained, ?We are happy to report a few achievements by ENRG. Our Rights Offering was successfully completed in February 2010. This enabled us to reduce our outstanding loan significantly. Consequently, the Company?s interest and financing charges were reduced by 52%, and Debt to Equity ratio has been improved to 0.53 x. Part of the Rights Offering proceed was also applied to complete the 10% participating interest acquisition of the Masela PSC asset Prom INPEX. This has dramatically increased ENRG?s 2P reserves by 150%. (end of release)