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il and gas services company PT Elnusa is upbeat that business will be stable this year and it can book revenue at least at the same level as last year with the help of new and prospective contracts despite the slowdown in the upstream industry.

Elnusa, a subsidiary of state-owned energy company Pertamina, estimated its revenue hit Rp 3.7 trillion (US$266 million) in 2015. The company expected to book the same amount this year while maintaining its bottom line thanks to improved efficiency and innovation, corporate secretary Fajriyah Usman said.

Fajriyah said her company started off well this year, with around $407 million of on-hand contracts to date, including carry-overs.

The contracts comprise $317 million of upstream contracts, which include contracts from its seismic and maintenance business lines, as well as contracts worth $90 million from its distribution and logistics business.

The company, she added, also had around $200 million worth of prospective new upstream contracts and $23 million of distribution and logistic contracts.

'€œWe are optimistic business will be steady this year. We have been doing quite well. Contrary to popular belief, our company is not directly impacted by unfavorable oil and gas prices,'€ she explained.

Fajriyah, however, said the company saw a slight correction last year with revenue declining by around 12 percent from Rp 4.22 trillion in 2014, as oil and gas producers carried out less new investment to cut costs. This resulted in declining revenue from Elnusa'€™s seismic services.

'€œHowever, our other business lines, such as maintenance services and logistic and distribution services, have been doing quite well. In fact, our upstream contracts also started to bounce back late last year, which we believe will lead to steady business this year,'€ she explained.

The company saw its total contract value slip by around 3 percent from $470 million in 2014 to $454 million last year, according to data provided by Fajriyah.

Meanwhile, according to the company'€™s statement published by the Indonesia Stock Exchange (IDX) late last year, Elnusa projected that it would record at least Rp 325 billion in net profit, a decline of about 21 percent from the Rp 412 billion booked in the previous year.

Fajriyah emphasized that the decline in profit in 2015 was also impacted by gains from asset sales in 2014. The company'€™s 2014 full-year profit, according to a previous report, was boosted by Rp 87.39 billion from the sale of 20,815 hectares of land worth Rp 93.4 billion in the second quarter of the year.

'€œWithout the gains from assets sales [in 2014], our operating profit and margin are actually improving,'€ Fajriyah said.

As for this year, she said the company would maintain its net profit with the help of business innovation, as the company was working on methods to trim costs.

She added that her company would also look to explore new markets, particularly in Southeast Asian countries.

Elnusa is owned by Pertamina (41.11 percent), public (41.08 percent) and Pertamina'€™s pension funds (17.81 percent).