Energi op profit declined 29%

PT Energi Mega Persada Tbk booked operating income of Rp237 billion in 2006, declined 29% from Rp336 billion in 2005 due to increasing costs. But the company managed to book net profit of Rp203 billion, inched up from Rp201 billion in 2005. How much is the provision for mudflow in Sidoarjo?

According to its audited financial report 2006 published today, Energi's net sales slightly reduced to Rp1.64 trillion from Rp1.68 trillion in 2005 while its asset grew significantly by 55% to Rp9.88 trillion. Energi, parent company of Lapindo Brantas Inc---owner of 50% participating interest in the Brantas PSC, recorded significant increase in non-current liabilities to Rp6.7 trillion, mainly due to higher long-term loans.
It's not clear yet on how much the company's net provision for mudflow losses due to drilling activities in Banjar Panji-1 (Brantas PSC). But in the non-current liabilities, Energi posted estimated obligation on probable losses of Rp286 billion. (I need to read the full report filed to JSX later this afternoon)
As reported earlier, Santos---Energi's partner with 15% interest in Brantas PSC, had posted net provision of A$67 million or around Rp450 billion in its 2006 report.

READ MORE!!!