Surya Esa reports lower net profit, sales
Wednesday, April 1 2015 - 01:33 AM WIB
IDX-listed PT Surya Esa Perkasa Tbk. (SEP), Indonesia?s only listed LPG refiner, said that net profit last year declined by 18.3 percent to US$10.3 million from $12.6 million in the previous sales.
The company said in a statement Tuesday unveiling its audited financial report that 2014 was a challenging year given the downturn in global energy markets.
SEP said that revenue last year declined by 5.5 percent to $39.9 million, while EBITDA decreased by 9.8 percent to $19.4 million.
Elsewhere, the company said it has completed its LPG plant expansion project on November 30, 2014, increasing the production capacity of the refinery by over 50 percent to 190 TPD from 120 TPD.
The company said it installed all new equipment while the plant was operational, and only required a 4 (four) week shutdown for commissioning. ? Full year production and financial impact of the expansion shall be visible in 2015,? the firm said.
Despite implementing the expansion, LPG production increased 2.9 percent to 46,200 MT from 44,881 MT in 2013, while condensate production decreased only 5.7 percent to 142,450 barrels from 151,026 barrels in 2013, SEP explained.
?FY2014 was also a significant year for our subsidiary, PT Panca Amara Utama (PAU). The Gas Sales Agreement for 55 MMSCFD gas supply was signed in March, while PAU signed a syndicated loan of US$509 million for its project financing in September,? said SEP Executive Director Vinod Laroya.
The financing was led by the International Finance Corporation (IFC), a member of the World Bank Group, and included seven international lenders UOB, HSBC, Standard Chartered, ANZ, KDB, OCBC, and SMBC.?
PAU will draw its natural gas from the Senoro-Toili gas fields, operated by Joint Operating Body Pertamina Medco Tomori Sulawesi. This is SEP?s second foray into downstream gas manufacturing after the company established its LPG refinery in Palembang, South Sumatra in 2007.
Editing by Reiner Simanjuntak