- Antara/Prasetyo Utomo
VIVAnews - PT Energi Mega Persada Tbk booked Rp1.3 trillion worth of sales during the first nine months of 2011. The sales turnover rose 59 percent compared to the same period last year of Rp830.55 billion.
"We also reported the EBITDA (earnings before interest, taxes, depreciation and amortization) of Rp565 billion, up 203 percent from the same period last year, which was Rp186.49 billion," said Managing Director and CEO of Energi Mega Persada, Imam P Agustino, in a written statement, on Monday.
Imam explained, the company's improving performance was driven by the rise in prices of oil and gas, as well as an increase in daily production and the well-managed ratio of debt to capital. Oil prices rose 44 percent from US$78.4 per barrel to US$112.9 per barrel.
"While gas prices went up 41 percent from US$2.7 per million cubic feet in January-September 2010 to US$3.8 per million cubic feet in the same period of 2011," he said.
He went on to say that the company’s blocks in Kangean PSC, East Java and Bentu PSC, and Riau dominate the oil and gas production increase during the first nine months of 2011. In addition, the trends in world oil and gas prices which became more competitive were a major contribution to the company.
During that period, Energi Mega’s oil production reached 7,215 barrels per day, up 14 percent compared to that of late September 2010 which reached 6,346 barrels per day. Meanwhile, gas production increased by 29 percent to 53.6 million cubic feet per day from the previous 41.4 million cubic feet per day.
Energy Mega as of late September 2011 also recorded a net profit of Rp40.06 billion, while in the same period in 2010 it suffered losses of Rp150.43 billion.
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