Apr 26, 2011

ENRG 1Q turns to Rp14.31 bio profit

Oil and gas producer PT Energi Mega Persada Tbk (ENRG), part of Bakrie Group, turned to net profit of Rp14.31 billion or Rp0.35 erning per share in the firt quarter of this year as the company realized higher selling prices and production rate.
Energi Mega was still in net loss of Rp21.73 billion or Rp0.54 loss per share in the first quarter of last year, a press statement obtained by Insider Stories said today.
EBITDA soared 374% to Rp194 billion from Rp75.20 billion. The company's net sales rose 63.91% to Rp421.56 billion from Rp257.08 billion.
Iman Agustino, Energi Mega CEO, said the company's financial improvement are mostly due to increased pricing and production rate.
"Our Kangean PSC blocks' Pagerungan oil field in East Java and Bentu PSC gas block in Riau, Sumatra, have commenced first productions late in the first quarter of 2011," Agustino said.

Disclosure: No position at the stock mentioned above.

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