Jun 21, 2010

Elnusa eyes 22% jump in revenue

Integrated oil and gas services PT Elnusa Tbk (ELSA) aims to reach an increase on operating revenue by 22% compared to last year to Rp4.4 trillion.
Segment of integrated oil and gas upstream is estimated to contribute Rp2.79 trillion in revenue, downstreem business is expected to make Rp1.24 trillion, and support business for oil and gas downstream is hopefuly to make Rp403 billion.
The company has also agreed to distribure a final dividend of Rp35.99 billion or Rp5 per share. During annual general meeting of shareholder, Elnusa has changed its BoD and BoC. In January, Elnusa had provided an interim dividend of Rp143.97 billion, making a total of Rp179.9 billion or 38.6% of its net profit last year of Rp466 billion or Rp25 per share.
"The company will allocate the remaining net profit last year as retained earning amounting to Rp262.95 billion in a bid to improve core competency," said Elnusa's Vice President of Corporate Secretary Heru Samodra.
The company has determined to cancel US$70 million of bond issuance. Previously, it expected to issue bond in a bid to fulfill 2010's capital expenditure requirement thi
"The size is too small, while cost of issuance will be costly," Elnusa's Finance Director Santun Nainggolan in a public expose today.
According to him, Elnusa aims to secure bank loan to meet capital expenditure need and working capital. "We hope we could secure syndicated loans in the third quarter this year," he said.
Elnusa is in talks with 6  different banks. "We can't disclose their name right now."
The company targets to grab US$125.7 million of upstream projects. By the end of May 2010, Elnusa has sealed a total contracts worth US$246.6 million.
During annual shareholder meeting, Elnusa's former President Director Eteng A. Salam has been replaced by Suharyanto. Former Operation Director Eddy Sjahbuddin has been replaced by Suryadi Oemar, while Erry Firmansyah is mandated as one of Elnusa's Commissioners.

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