Publicly listed oil and gas company PT Elnusa expects to secure new contracts worth Rp 2.8 trillion (US$288 million) this year to conduct seismic, drilling and oilfield services in the country’s oil and gas sector. Elnusa corporate secretary Fajriyah Usman said that the company had obtained new contracts worth about Rp 800 billion as of the end of January. “The new contracts are mostly for geosciences and oil field services. We hope to obtain more contracts in the second and third quarter,” she said on Wednesday.
The new contracts are expected to boost the company’s revenue to Rp 5.3 trillion this year, which will be about a 10 percent increase from about Rp 4.8 trillion in revenues last year. The company has not revealed its 2012 audited financial report. According to Fajriyah, Elnusa estimates that its net profit last year reached Rp 127 billion, a significant improvement from its reported loss in 2011. In 2013, the company is targeting to book around Rp 138 billion in net profit.
Fajriyah said that upstream oil and gas operations services was the main contributor to Elnusa’s revenues last year. The company will likely see a similar trend this year. Elnusa recently expressed interest in entering other energy-related services to secure a more sustainable income. The company’s contracts usually consist of short-term works. Elsa is seeking new business opportunities, including in marine support services and logistics, operations and maintenance and independent power plants.
The company has planned a business expansion requiring $398 million in investment for the next five years. About 30 percent of the total funds needed will be funded by its internal cash, while the remaining will be financed through external funding, such as bank loans or debt paper issuances. For this year only, the company will set aside around $25 million in capital expenditure. “About 70 percent will be funded by loans. We already have standby loans,” Fajriyah said.
Elnusa also announced on Wednesday that the Jakarta High Court had ruled in favor of the company and rejected an appeal from Bank Mega over a Rp 111 billion deposit, which was reported to have disappeared from its account at the bank. Earlier reports said that Elnusa’s former officials withdrew the money using forged signatures. “This is our second win after the previous ruling by the South Jakarta district court,” Fajriyah said. According to a Indonesia Stock Exchange file, Elnusa is 41.1 percent owned by PT Pertamina, 24.6 percent by Jakarta-listed PT Benakat Petroleum Energy, 5.25 percent by BSI Bank Limited and the remaining by the public.
source : the jakarta post
source : the jakarta post
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