Elnusa eyeing Rp5.5 trio revenue in 2011 - Insider Stories

An integrated oil and gas service company PT Elnusa Tbk (ELSA) is eyeing Rp5.5 trillion revenue in 2011. The target figure is 31% higher than realized revenue last year of Rp4.21 trillion.
In an official statement submitted to Indonesia Stock Exchange (IDX) today, the higher revenue will be underpinned by an increase of its core business namely upstream service.

The company reported a steep plunge in net income of 86.29% last year as a result of plummeting operating profit.
Elnusa posted Rp63.91 billion net income or Rp9 per share last year from Rp466.23 billion in 2009 or Rp65 per share.
Elnusa also booked net other charges of Rp43.59 billion on foreign exchange loss from net other income of Rp352.70 billion when it booked Rp43.06 billion foreign exchange gain.

However, at the operational line, Elnusa's operating profit tumbled 51.46% to Rp134.10 billion from Rp276.29 billion as a result of higher operating expenses and cost of goods sold (COGS).
The company's COGS rose 21.79% to Rp3.80 trillion from Rp3.12 trillion, while operating revenue increased 15.03% to Rp4.21 trillion from Rp3.66 trillion.