PT Elnusa Tbk (Elnusa), one of the leading national company providing energy services, reported the Company’s performance of first quarter in 2015 with the results showing the continuity growth from the performance at the end of 2014. In the first quarter of 2015, the company has continued the momentum with net profit growth of 20% worth of Rp65 Billion compared to the same period of previous year.
This positive performance mainly supported by significant growth in upstream services segment namely Drilling & Oilfield Services and Seismic Land Services which grew respectively by 3% and 2%. At the same time, the performance of its subsidiaries mainly from Elnusa Petrofin in downstream oil and gas services segments also increased by 2% in the first quarter of 2015.
Gross profit of the company showed positive growth of 7%, operating income grew by 5% and EBITDA increased by 9% compared to the same period of previous year. Pertaining to this, management committed to keep cost of revenue at reasonable level which showing seriousness of Elnusa management continuing efficiency of operation without reducing the quality of services that provided to the client. The Company remained focused on core business development, both in investing activities of some assets in order to meet the demands of the business and operations while keeping the profit margin in good level and the business can grow continuously.
Company strategy in maintaining the strength of the balance sheet and keeping the financing space in order to support the investment plans in the coming years as reflected in the declining of interest bearing debt in the first quarter 2015 by 22% from Rp540 billion to Rp420 billion.
“Although the conditions of oil and gas industry both global and national are not quite good and predicted to be unstable until the end of this year, but Elnusa still able to continue its growth with positive contribution from the company’s core business. We remain confidence of the Company can achieve the targets that have been set,” said Sabam Hutajulu, Finance Director Elnusa.