Medco?s gross profit reaches $208 million

IDX-listed energy firm PT Medco Energi Internasional Tbk said on Thursday its gross profit reached US$208 million last year, while operating profit stood at $90 million.

The firm did not provide comparative figures nor net profit figures in the statement filed with the Indonesian Stock Exchange.

?2015 is a difficult year for oil and gas industry. Still, the firm was able to demonstrate a strong performance and booked $2017 million in EBITDA despite the low global oil prices,? President Director Hilmi Panigoro said, adding that to weather the difficult situations, the firm will set business priorities and continue efficiency program.

Oil production was table at 31.6 thousand barrels per day (mbopd) wile gas production slightly dropped. Gas sales also dropped due to the decline in domestic demand, the firm said, adding production this year is projected at between 55 and 66 mboped

The Donggi Senoro LNG plant, which is partly owned by the firm, delivered a total of 12 cargoes of LNG last year. LNG shipment from the plant is expected to double this year, the firm said.

As of the end of last year, the firm had a cash reserve of more than $450 million, which reflects a good liquidity, the firm said.

Editing by Johannes Simbolon