Medco Energi 1H profit rises 15.4%

Publicly-listed PT Medco Energi Internasional said on Tuesday that its first-half net profit rose 15 percent on year because of higher commodity prices.

Net profit between January and June rose to $55.09 million from $47.75 million a year earlier.

The gas and oil producer, which is controlled by the Panigoro Family, said its net revenue rose 26 percent on year to $372.03 million.

The increase in net revenue was, however, offset by operating expenses, which rose 32 percent on year to $59.45 million.

The firm said its oil lifting rose 7.3 percent to 58,660 barrels per day (bpd) in the first half of the year from 54,690 bpd a year earlier, while its gas sales were down 7 percent to 134.91 million cubic feet per day (MMCFD) from 145.09 MMCFD.

The price of its oil rose to $65.06 per barrel from $50.22 per barrel, while the price of its gas was down to $2.30 per million British thermal unit (MMBTU) from $2.33. (*)