Medco reports first nine-month 2005 results

Publicly listed oil and gas firm PT MedcoEnergi Internasional reported Friday its net revenues increased 12.7 percent to US$442.21 million in the first nine months of 2005 from $392.55 million in the same period last year.

“The increase was mainly due to an increase in net oil and gas sales, share of profits of joint ventures, and revenues from other contracts,” Medco said in a report to the Jakarta Stock Exchange.

Medco said the increase in average crude oil price to $53.33/barrel in the first nine months of 2005 from $35.42/barrel in the same period last year was enable it to record its net oil and gas sales for the first nine months of 2005 in the amount of $306.43 million, which represents 69.3 percent of the its total sales and other operating revenues.

Meanwhile, the revenues from drilling operation and related services, net methanol sales, share of profits of joint ventures, electric power sales and revenues from other contracts for the first nine months of 2005 were $69.78 million, $35.53 million, $18.02 million, $6.62 million and $5.82 million, or representing 15.8 percent, 8.0 percent, 4.1 percent, 1.5 percent and 1.3 percent of the company’s total sales and other operating revenues, respectively.

Medco reported its net income increased significantly by 43.2 percent to $68.44 million ($0.0220 per share) in the first nine months of 2005 from $47.78 million ($0.0154 per share) a year-ago period. (Robert)