Medco books higher oil, gas sales revenue in H1

Publicly listed oil and gas firm PT Medco Energi Internasional reported that it sold 56.7 mboepd in the first half of the year, about the same as the same period a year earlier, generating US$428.2 million in revenue.

The revenue was higher than the $422.9 million posted a year earlier, thanks to a higher oil price that averaged $120.77 per barrel in the first six months of 2012 from $113.08 per barrel, the company said in its first semester performance report released on Friday.

In total however, Medco?s revenue stood at $554.3 million, about 5.5 percent lower than a year earlier as the firm no longer incorporated revenue generated from its electricity division since the start of the 2012 fiscal year.

Net profits in the period declined to $3.4 million from $8 million.

Editing by Dadan Wijaksana