Medco 9 months net profit up 12.8% on higher oil price

Listed oil and gas company PT Medco Energi Internasional Tbk posted net profit of US$20.3 million in the nine months to September 2011, increased 12.8 percent from the same period last year of $18 million.

The improving bottomline performance was in line with a rise in revenues on the back of an increase of oil and gas sales.

The net profit rise was mainly driven by significant increase in oil and gas sales to $510.2 million, or equal to 60 percent of the company?s revenues during the period. Total revenues during the period reached $850.47 million, increased 34.35 percent from 9M2010 period of $632.77 million.

The company managed to ramp up its average oil and gas production to 57.5 MBOEPD in the nine months to September 2011, compared to 56.8 MBOEPD in the same period last year. At the same time, oil price also increased to an average of $113.9 per barrel compared to $79.4 per barrel a year ago.

The company posted gross profit and operating profit of $278.4 million and $156.8 million respectively, increased 22.7 percent and 34.2 percent from a year ago of $226.9 million and $116.9 million. (godang/giok)