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Energi Mega Persada focuses on debt restructuring, efficiency
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Energi Mega Persada president director Imam Pria Agustino (right), with director Didit Agripinanto Ratam (left) and director Amir Balfas (second left), speaks during the company's public expose in Jakarta on Wednesday. (JP/Anton Hermansyah)
B
akrie group's oil and gas company Energi Mega Persada will focus on debt restructuring and efficiency improvement next year, an executive has said.
Energi Mega Persada president director Imam Pria Agustino said the company hopes to reduce US$60 million to $100 million of its debt next year. The company managed to slash its outstanding debt from $706 million to $323 million from December 2013 to September this year.
"We are still looking for lenders who can facilitate our refinancing program," Imam said at the company's public expose in Jakarta on Wednesday.
(Read also: Energi Mega Persada in search of buyers for African asset)
Imam added the company would set $114 million in capital expenditure next year. The number dropped from $150 million this year and $200 million in 2015.
"We cannot be aggressive next year. We must focus on our existing sites," he said.
As of September, the firm has booked $391.24 million in revenue, lower by 15.89 percent compared to $465.15 million during the same period last year due to an oil price slump and declining productivity. It still has $67.37 million net loss, a bit lower than $69.14 million from January to September 2015. (dmr)
