Research

Elnusa (ELSA) experienced 94.2% YoY drop in its net income from Rp465.6bn in 1H09 to Rp27.1bn in 1H10 despite recording 40.4% YoY increased in revenue. The significant drop in net earnings attributable to 70.3% YoY operating profit decreased as production cost and operating expenses surged by 58.5% YoY and 13.6% YoY respectively. In addition, the company recorded Rp22.9bn other expenses in 1H10 from other income of Rp465.3bn in the year before. Looking at the 1H10 earnings result, the 1H10 revenue represents 60% of FY10 consensus, while the net income reached only around 11% of FY10 consensus. Source: The Company