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Elnusa net profit drops 12 percent to Rp379.75 billion in 2015

JAKARTA (rambuenergy.com) – Oil and gas service provider PT Elnusa Tbk (ELSA) posted comprehensive net profit attributable to owners of the parent at Rp379.75 billion in 2015, compared to Rp431.46 billion in previous year, representing a decline of 12 percent.

The decline was in line with lower revenues, which reached Rp3.78 trillion, fell from Rp4.22 trillion in 2014.

Gross profit was at Rp718.81 billion, compared to Rp759.81 billion in previous year.

The main revenues contribution was mainly from its integrated upstream oil and gas services to third parties and affiliated firms.

Revenues generated from integrated upstream oil and gas services revenues to third parties totaled Rp1.11 trillion, compared to Rp1.13 trillion; oil and gas support services to third parties reached Rp126.94 billion against Rp144.65 billion a year earlier, while energy distribution and logistics services to third parties stood at Rp320.77 billion, down from Rp461.49 billion in previous year.

Meanwhile, integrated upstream oil and gas services revenues to affiliated parties amounted to Rp1.24 trillion, edged lower from Rp1.43 trillion a year earlier; oil and gas support services to affiliated parties totaled Rp 40.1 billion; while distribution and logistic services amounted to Rp931.59 billion, compared to Rp1.01 trillion a year earlier. (*)

Elnusa said recently that it projects to secure new contracts in a range of US$50 to US$80 million this year.

“We still have remaining 10 months. We hope to chase new contracts. We usually have contracts worth of US$400 million in a year,” Vice President Corporate Secretary of Elnusa Fajriyah Usman said.

President Director of Elnusa Syamsurizal said as of end January, the company has on-hand multi-year contracts worth Rp5.6 trillion. Of these, around Rp3 trillion will be realized this year.

He said this year, the company targets to get contracts from operational maintenance.

He said Elnusa has leading edges compared to other companies as it has more flexibility to adjust costs, whether to upsize or downsize. (*)

 

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