Medco reports 45 percent increase in net profit

PT Medco Energy International reported a net profit of US$27.4 million during the first quarter of this year or an increase of about 45 percent from the same period last year despite the drop in crude oil prices in the international market during the three-month period.

Although the average crude price dropped to US$20.52 per barrel during the first period of this year from US$25.74 per barrel in the corresponding period last year, Medco?s total revenues increased significantly thank to the surge in the crude oil, gas and methanol production. The higher profit was also attributed by the settlement of the company?s debts last year.

The company also reported that the high production level had caused an increase in direct operating costs to US$39.5 million in the January-March period this year from US$26.6 million in the same period, last year.

The cost for the sales of gas and crude also rose from US$16.3 million to US$21.7 million. (*)