PT Energi Mega Persada Tbk. (“EMP” or “the Company”) reports its audited full year 2017 financial results. Despite the 40% Sales decrease, the Company manages to book $120 million Operating Profit and $24.4 million Net Profit.
Mr. Syailendra Bakrie, the Company’s Deputy CEO, explained,”The sales drop was due to the fact that we no longer have ONWJ and Semberah blocks in 2017. At the same time, the Company focused more on cost efficient maintenance drillings instead of the costly exploration activities. As a result, we can still book operating profit.”
Mr. Edoardus Windoe, the Company’s CFO, further added, “EMP also lowered its interest cost and financing charges by 13% as a result of the loan repayment throughout 2017. We expect to further reduce the Company’s debt and interest cost in 2018 as we completed the debt to equity swap transaction in early 2018.”Press Release