Jul 29, 2011

Wow, Energi Mega operating profit jumps

Oil and gas producer PT Energi Mega Persada Tbk (ENRG), that is controlled by Bakrie family, is primping. After it turned into profit, Energi Mega enabled to steeply boost its operating profit.
In the financial statement published today, Energi Mega, whose shares have been pledged by Thai-based conglomerate Reignwood International Investment (Group) Company Limited, to Siam Bank, returned to net profit of Rp34.70 billion or Rp0.86 earning per share for the first half of this year from Rp75.39 billion net loss a year earlier. 
The net profit was mainly contributed by higher net sales and lower operating expenses. As a result, operating profit skyrocketed 970.96% to Rp275.56 billion from Rp25.73 billion. Energi Mega's net sales rose 59.28% to Rp865.56 billion from Rp543.42 billion.

Disclosure: No position at the stock mentioned above.

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