Medco reports increased earnings on higher production, price
Tuesday, November 2 2004 - 12:33 AM WIB
JSX-listed oil and gas firm Medco Energi International Tbk. booked 9-month net profit of US$44.46 million, 7% higher than last year?s same period net profit of $41.31, with revenue increased by 19% to $410.33 million, the company said in a report to The JSX.
The increase in net profit and revenue were contributed mainly by higher oil, gas production and higher prices.
Medco said oil, gas production from Novus Petroleum?s oil, and gas fields that were acquired by Medco last August, increased company?s production by 22,194 BOEPD, making company?s 9-month average production rose to 93,664 BOEPD. The company also reported 21 percent increase in oil price.(alex)