Mar 16, 2011

Elnusa FY10 earning plunges 86.29%

An integrated oil and gas services provider PT Elnusa Tbk (ELSA) reported a steep plunge in net income of 86.29% last year as a result of plummeting operating profit.
In an official statement published today, Elnusa posted Rp63.91 billion net income or Rp9 per share last year from Rp466.23 billion in 2009 or Rp65 per share.
Elnusa also booked net other charges of Rp43.59 billion on foreign exchange loss from net other income of Rp352.70 billion when it booked Rp43.06 billion foreign exchange gain.
However, at the operational line,  Elnusa's operating profit tumbled 51.46% to Rp134.10 billion from Rp276.29 billion as a result of higher operating expenses and cost of goods sold (COGS).
The company's COGS rose 21.79% to Rp3.80 trillion from Rp3.12 trillion, while operating revenue increased 15.03% to Rp4.21 trillion from Rp3.66 trillion.

Disclosure: No position at the stock mentioned above.

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