JAKARTA (Yosefardi) – PT Elnusa Tbk (ELSA) allocates capital expenditure (capex) of Rp1.2 trillion for next year, jumps by threefold from Rp328 billion allocated for this year, as 2004 is set as the year of development.
The capex will be mostly used to fund the development of the company’s core business – drilling and oilfield – (Rp550 billion).
Capex for new business development amounts Rp450 billion and geo-science business development Rp200 billion. The capex will be funded by the company’s internal cash which now totals Rp1.4 trillion.
Elnusa targets to book revenue of Rp4.9 trillion next year, compared to Rp3.9 trillion targeted for this year. Year to date, Elnusa booked contracts of US$551.22 million.
ELSA reported 46% growth in net profit for first nine months of this year, though its revenue declined 16%. It booked net profit of Rp122.72 billion on revenue of Rp2.92 trillion.