PT Elnusa Tbk., Oil & Gas Services Company, record their increasing revenue for 2011 compared to previous year. On the Annual General Meeting Shareholders (RUPST): June 1st 2012, Elnusa’s CEO reveals the consolidated revenue in 2011 that has been increased 12% so as worth IDR4,71 trillion .
At the profitability, Elnusa records Net Loss IDR 42,77 billion. The unprofitable conditions came out from several factors i.e project tender postponement, business competition, delayed and cancellation contract, and some of complexities occurred at the field operation. Those are affecting operating expense and as well as impacted to the net profit.
However, Elnusa notes the net cash flow record from business operation worth IDR340,4 billion. This cash’s significantly increase compare to 2010, which was only IDR 58 billion.
Early in 2012, the Company’s improvement program has shown a good result. The Cost of Good Sold (CoGS) on March 2012 has reaches 88% to 90%. The improvement of profitability’s shown by operation profit worth IDR43,37 billion up to IDR69,39 billion. This profitability significantly blown up the Company’s cash flow from minus IDR135,56 billion to plus IDR254,86 billion.
During the meeting it has been decided the new structure of Board Commissioners:
Board of Directors is stay at the same track: