PT Elnusa Tbk (code IDX: ELSA), one of the leading national providers of oil & gas and energy services, believes that net income and profitability of the Company at the end of 2015 will be better compared to the achievement derived from operations in the prior year.
“The condition of the global oil industry has not shown changes plus the volatile economic situation certainly makes the performance of oil and gas companies depressed. However ELNUSA remained confident that projections by the end of 2015, ELNUSA would posted net profit of not less than Rp325 billion and net profit margin grows 15% compared to the net profit margin from business operations of ELNUSA “, said Budi Rahardjo, Finance Director of PT ELNUSA Tbk. Indeed, last year, in addition to net income from business operations, ELNUSA also recorded gain on sale of assets.
The good performance of the Company is also reflected in the projected attainment of profit and profitability that will still remain intact, where at the end of December 2015 operating income margin and EBITDA margin are also expected to be able to grow from the previous year.
The projection is optimistic be achieved with some assumption that all seismic projects start to work at the end of this year. As reported previously, ELNUSA this year won seismic projects worth USD86 million for period of up to two-year project with the historical profit margin is quite promising. Besides, the contribution of the other core business of drilling and oilfield services that still remain promising and needed in the oil and gas industry in the country.
Budi added, “ELNUSA as the largest oil and gas services company in Indonesia is believed to have competitiveness which remains superior to its competitors so that in the middle of the dynamics of this industry as we are still able to provide added values to all stakeholders”. ***