Medco's H1 2003 net profit rises 20%

Publicly listed oil company PT Medco Energi International reported Wednesday that it had posted an unaudit net profit of US$52.7 million ($0.017 per share) in the first half of 2003, a 20 percent increase from $43.9 million in the corresponding period of last year.

Medco said its net revenue increased by 10 percent to $228.0 million in the first half of 2003 from $207.9 million in the same period last year.

"The increase was primarily due to significant increase in average crude oil price to US$29.81/barrel in first half of this year from US$22.81/barrel in the first half of last year," Medco said in a statement to the Jakarta Stock Exchange.

The company said in the first semester of this year, net revenue from oil and gas sales, drilling services, and methanol sales were $159.5 million, $40.7 million, and $27.8 million, respectively.

Medco also reported that direct costs in the period had increased significantly by 16.2 percent to $102.0 million from $87.8 million last year's period.

"The increasing of direct costs was mainly due to increased drilling services, expenses such as repairs costs, insurance (premium payment), and rental" Medco added.

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)

MEDCO's 1H03 RESULTS	1H03	1H02	Change (%)
OPERATION HIGHLIGHTS	?	?	?
Oil Production (BOPD)	69,600	90,300	-23.0
Gas Sales (MMCFD)	78.5	74.0	6.1
Offshore Rig Utilization (%)	60	78	-23.0
Onshore Rig Utilization (%)	58	63	-7.9
Methanol Production (MT)	136,983	71,694	91.0
Methanol Sales (MT)	119,200	142,722	-16.5
Crude Price (US$/barrel)	29.81	22.81	30.7
Methanol Price (US$/MT)	233	115	102.6
FINANCIAL HIGHLIGHTS (in million US$)	?	?	?
Revenue	227.96	207.95	9.6
Gross Profit	125.96	120.13	4.8
Total Assets	1,026.98	673.71	52.5
Equity	498.21	450.63	10.6
Cash from Operation	94.60	89.23	6.0
Net Income	52.75	43.92	20.1
EPS (US$/share)	0.017	0.013	30.8