Medco posts net profit of $64.0 million in 9-month

Publicly listed oil company PT Medco Energi International reported Monday an unaudited net profit of US$64.0 million ($0.02 per share) in the first nine-month of 2003, a 3.5 percent increase compared to $61.8 million ($0.019 per share) in the same period last year.

Medco said during the nine-month period its net sales and operating revenues reached $345.4 million, higher from the same period last year of $306.58 million.

The company said net revenue from oil and gas sales, drilling services, and methanol sales in the first nine-month were $236.3 million, $63.9 million, and $44.4 million, respectively, while the other contracts contributed around $652,339.

Medco operates several oil and gas concessions through its 99 percent-owned subsidiary, PT Exspan Nusantara. Meanwhile, drilling service and methanol production are handled by subsidiaries PT Apexindo Pratama Duta and PT Medco Methanol Bunyu, respectively.

Medco is 85.51 percent owned by Mauritius-based investment company New Links Energy Resources Ltd. (robert)