Dec 1, 2010

Energi Mega 9M net loss shrinks 56%

PT Energi Mega Persada Tbk (ENRG) still reported Rp150.43 billion loss until the end of Q3/2010, yet, the amount of loss significantly reduced by 56.76% compared to the same period last year, amounting Rp347.92 billion.
During an information disclosure today, the loss was mainly prompted by the high cost of the goods sold and interest expense.
Out of Rp830.55 billion revenue, the cost of goods sold reached Rp658.76 billion while the interest rate amounted Rp233.31 billion.
Energi Mega booked 20.70% revenue drop compared to the same period last year at Rp1.04 trillion.
CEO Energi Mega, Imam P. Agustino said that such revenue drop was caused by the lower production of oil and gas in 2010 compared to last year.
“We faced significant challenges in our production unit since the company lessens its drilling activities compared to the prior year. However, we are still able to book higher margin. Besides, the higher crude oil price also resulted in 21% gross loss margin,” he said.
On its liabilities, the company’s debt declined from Rp8.36 trillion in the end of September 2009 to Rp5.24 trillion.
Based on Bisnis’s database, Energy Mega’s settled some its debt by the proceed derived from the rights issue early this year, resulting in the reduction of its debt.

Disclosure: No position at the stock mentioned above.

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