04 May 2012

Elnusa Seeks 18% Growth Despite Poor First Quarter

Publicly-listed Oil & Gas service provider PT Elnusa Tbk. (“Elnusa”) is aiming to reap Rp 5.6 trillion (US$599 million) in revenue this year, up 18 percent from Rp 4.71 trillion last year.

Corporate Secretary Heru Samodra said that about $310 million of the total revenue would come from new contracts. He said that the company had secured $231 million of new contracts as of the end of May. Heru added that the company expected to secure $92 million, of which $65 million would be contracts for the Geoscience Services division. “We see many projects from Geoscience,” Heru said.

Heru said that the company aimed to book Rp 111 billion in net profit by the year end, a massive jump as Elnusa reported a net loss of Rp 42.77 billion last year. “In the first quarter we have seen an increase in operating income. We hope the trend will continue in the next quarter,” Heru said last week.

Elnusa reported operating income of Rp 69.39 billion in the first quarter of the year, about a 60 percent increase compared to Rp 43.37 billion during the same period last year. The growing operating income was supported both by a slight increase in revenue and the company’s efforts to reduce production costs.

The company reaped Rp 1.08 trillion during January to March period, a 4 percent increase from Rp 1.04 trillion in the same period last year. Cost of revenue rose to Rp 959.95 billion, increasing by only 2 percent from Rp 934.85 billion. The company, however, suffered from increasing financial costs of Rp 31.92 billion and losses incurred by its subsidiaries of Rp 10.05 billion. The company’s net profit stood at Rp 15 billion over the first three months of the year, a 30 percent fall from Rp 19.65 billion during the same period last year. Cash and cash equivalents were Rp 917.46 billion, while equities stood at Rp 1.93 trillion and liabilities at Rp 2.33 trillion.

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