Medco posts $82 million net profit in 2002
Friday, April 4 2003 - 04:01 AM WIB
The Jakarta Stock Exchange-listed oil and gas company PT Medco Energi International Tbk posted 2002 net profit (unaudit) of US$82.02 million, up from $77.14 million in the previous year, according to company?s statement to the bourse released Thursday.
Medco said in the statement that its operating revenue had hiked to $420.80 million last year, from $348.09 million in 2001. Meanwhile, its operating costs also increased to $39.10 million last year, from the previous year?s $32.33 million.
It said that an independent audit firm was examining the report.
Medco is the country?s local oil producer through its subsidiary PT Exspan Nusantara and is also the parent company of Indonesia?s top drilling company Apexindo Pratama Duta.
Medco is 85.51 percent owned by New Links Energy Resources Ltd, a Mauritius-based investment company. (robert)