JAKARTA. Lower interest expenses in the third quarter (Q3) of 2019 has improved the performance of PT Energi Mega Persada Tbk (ENRG), helped the company to record a net profit of US$ 11.88 million. While in the same period in 2018, the company lost US$ 14.67 million.
Director and Chief Financial Officer (CFO) for Energi Mega Persada, Edoardus Ardianto, said that the improvement was mainly caused by lower interest expenses. "This is due to lower interest expenses as a result of successful debt repayments in the last 12 months," explained Edoardus in his official statement, Wednesday (4/12).
ENRG's financial burden in the third quarter of 2019 fell by 48% to US$ 18.31 million. In the same period last year, the figure reached US$ 35.25 million.
This occurred despite the fact that ENRG's sales fell by 3.9% to US$ 191.99 million. Declining sales also affected the cost of goods sold. In the third quarter of 2019, ENRG's cost of goods sold decreased by 24.9% to US$ 116.52 million. (AM/AR)