Medco Energi?s H1 net profit more than doubles

IDX-listed oil and gas producer PT Medco Energi Internasional said Friday its first half net profit more than doubled due to increased in sales stemming from higher commodity prices.

Net profit for the January to June period rose to $63.42 million from $27.64 million a year-ago period, the company said in a financial statement published in Bisnis Indonesia.

Sales jumped 76% to $709.13 million from $403.36 million.

Medco also attributed the increase in net profit to gains from selling assets in a unit for $11.84 million. (denny)