Energi Mega Persada reports 1Q profit

PT Energi Mega Persada (EMP), Indonesia?s second-biggest publicly traded oil and gas company, had a first-quarter profit of Rp 100.6 billion ($11 million) as crude oil prices rose, The Jakarta Post reported on Friday.

Net income for the three months that ended March 31 was Rp 7.7 a share, the company said in a statement to the Jakarta Stock Exchange Thursday.

Sales for the period were at Rp 433.8 billion. The company restated full year earnings for the past three years and didn?t give quarterly earnings for comparison.

PT Bumi Resources, Indonesia?s biggest coal exporter, agreed to buy Energi Mega for Rp 11.52 trillion in stock to expand in oil and natural gas, Bumi said on June 14.

The acquisition will create the nation?s largest publicly traded energy company.

The restated, earnings will be used in the plan to combine the company with Bumi, Energi Mega said.

Net income for 2005 was restated to Rp 201 billion from Rp 195.8 billion. Sales last year were restated to Rp 1.68 trillion from Rp 1.48 trillion. (*)