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Elnusa books 17 percent drop in net profits in 2016
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Workers tighten a drilling machine at an oil and gas block in Indonesia. (Kompas.com/File)
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s revenues shrunk amid a downturn in the industry, integrated oil and gas services company Elnusa posted a more than 17 percent drop in net profits to Rp 310.91 billion (US$23.3 million) last year.
The subsidiary of state-owned oil and gas company Pertamina saw its revenues decline by almost 4 percent over the past year to Rp 3.62 trillion, while its costs stayed relatively unchanged at roughly Rp 3 trillion.
The value of Elnusa’s assets also fell by almost 5 percent year-on-year in 2016 to Rp 4.2 trillion, while its liabilities plunged by 25.9 percent to Rp 1.3 trillion.
“The main contributor to the decreased liabilities was the repayment of bank loans worth Rp 1.49 trillion carried out in 2016,” Elnusa president director Tolingul Anwar said in a letter to the Indonesia Stock Exchange.
Elnusa’s stock, traded under the code ELSA, rose slightly by 2.37 percent to 432 during the first trading session on Tuesday.
The stock has gained 2.86 percent so far this year, according to Bloomberg. (lnd)
