JAKARTA. In the first half of 2019, PT Energi Mega Persada Tbk (ENRG) managed to reduce its cost of goods sold, which enable the Bakrie Group's subsidiary to record a net profit of US$ 26.62 million, despite the fact that their revenue fell by 14 15% YoY.
According to the company's financial statements, natural gas prices had dropped 19%, causing the company to only record sales revenue of US$ 116.35 million, 14.15% lower than the record from the same period in 2018 of US$ 135.53 million. This occurred despite the fact that the sales revenue from the company's other product (crude oil) rose to US$ 19.65 million (from US$ 16.30 million). The biggest customer of the company was PT Petrokimia Gresik (Persero) which contributed US$ 29.68 million, followed by PT Riau Andalan Pulp & Paper (US$ 16.80 million).
The company managed to reduce its cost of goods sold from US$ 109.39 million to only US$ 66.43 million (from US$ 109.39 million), enabling the company to record a net profit of US$ 26.62 million. (AM/AR)