JAKARTA. PT Energi Mega Persada Tbk (ENRG), a company engaged in the oil and gas sector owned by the Bakrie Group, booked US$ 11.8 million (Rp 193 billion) in net profit during the first quarter (Q1) of 2020, 58.19% higher than its record in Q1 2019 of US$ 7.48 million.
Syailendra S. Bakrie, Director of ENRG, said the company was supported by its net sales record, which reached US$ 79 million. In addition, the company is also trying to reduce its debts, reducing its interest expenses to US$ 4.32 million at the end of Q1 2020.
"Apart from the risk of COVID-19 pandemic and a decline in world oil prices, the company is fortunate because more than 90% of the company's production and reserves are in the form of gas," Bakrie said on Tuesday (2/6) yesterday, in disclosure of information on the IDX
Bakrie assesses that the selling price of gas during Q1 2020 is more stable, with a longer contract period. "Compared to oil whose selling prices tend to fluctuate more," Bakrie explained.
During Q1 2020, ENRG's gas production reached 184 million cubic feet per day, grew by 84% year on year (YoY). Then the volume of oil production in the same period reached 2,523 barrels per day, declined by 6.8% YoY. (KR/AR)