Surya Esa Perkasa reports 17% increase in H1 net profit

By Romel S. Gurky

IDX-listed PT Surya Esa Perkasa Tbk. (SEP), Indonesia?s only listed LPG Refiner, announced an about 17 percent increase in net profit during the first half of this year, amounting to US$ 6.9 million.

Based on its consolidated financial statement (unaudited) for the period of January to 30th June 2013, the company recorded a total revenue of US$ 19.6 million, and EBITDA at US$ 12.0 million.

SEP produced 21,493 metric tons of LPG and 78,586 barrels of condensate during the first half of 2013, an increase of 26.2 percent and 33.8 percent respectively from those in the same period last year. The average selling price of LPG during the first half decreased by 10.8 percent to US$ 809 per metric tons, as compared to US$ 903 per metric tons during the same period in 2012. The average LPG price during the first half of 2013 is higher than the company?s 2013 guidance of US$ 750 per metric tons.

The company said that as of 19th June 2013, construction of its LPG expansion had begun and is expected to increase production capacity from 36,300 metric tons to 61,000 metric tons. The expanded production is expected to commence in the second half of 2014.

The Company has also completed an important step towards the funding of its subsidiary PT Panca Amara Utama (PAU). On 30th July 2013, the company signed a seven year US$ 75 million loan facility with PT Bank UOB Indonesia. A total of US$ 65 million from this facility will be directed towards PAU as the company?s equity, with the remainder to be used as trade facilities.

The company has already injected US$ 30.8 million into PAU, and with the additional US$ 65 million, it has secured 70 percent of its equity requirements for PAU.

Editing by Benget Besalicto ST