Medco's H1 2004 net profit down 19%
Wednesday, August 11 2004 - 01:26 AM WIB
Medco said its net revenue slightly increased to $229.0 million in the first half of 2004 from $228 million in the same period last year. "The increase was primarily due to significant contribution from drilling services revenues," Medco said in a statement to the Jakarta Stock Exchange.
Net revenue from oil and gas sales, drilling services, and methanol sales were $154.0 million, $47.9 million, and $25.3 million, respectively.
Medco also reported that direct costs in the period had increased significantly by 12 percent to $134.1 million from $120.1 million last year's period mainly due to drilling services costs as a result of increased labor and drilling equipments caused by additional swamp barge rigs and full utilization of those offshore rigs.
Medco operates several oil and gas concessions through its 99 percent-owned subsidiary, PT Medco Energi E&P Indonesia (formerly known as PT Exspan Nusantara). Meanwhile, drilling service and methanol production are handled by subsidiaries PT Apexindo Pratama Duta and PT Medco Methanol Bunyu, respectively.
Medco is in process to complete the acquisition of Australian oil firm Novus Petroleum Ltd. "The compulsory acquisition of Novus remaining 7.71 percent is currently underway and is expected to be finalized by August 20, 2004," Medco added.
Medco is 85.51 percent owned by Mauritius-based investment company New Links Energy Resources Ltd. (robert)
| MEDCO's 1H04 RESULTS | 1H04 | 1H03 | Change (%) |
| OPERATION HIGHLIGHTS | ? | ? | ? |
| Oil Production (BOPD) | 56,200 | 72,500 | -22 |
| Gas Sales (MMCFD) | 98.4 | 78.5 | 25 |
| Offshore Rig Utilization (%) | 100 | 60 | 67 |
| Onshore Rig Utilization (%) | 55 | 58 | -5 |
| Methanol Production (MT) | 111,000 | 137,000 | -19 |
| Methanol Sales (MT) | 108,000 | 119,000 | -9 |
| Crude Price (US$/barrel) | 33.1 | 29.8 | 11 |
| Methanol Price (US$/MT) | 235 | 233 | 1 |
| FINANCIAL HIGHLIGHTS (in million US$) | ? | ? | ? |
| Revenue | 229.0 | 228.0 | -1 |
| Gross Profit | 94.9 | 107.9 | -12 |
| Total Assets | 978.7 | 1,016.2 | -4 |
| Equity | 494.4 | 467.3 | 6 |
| Cash from Operation | 65.7 | 79.3 | -17 |
| Net Income | 27.1 | 33.6 | -19 |
| EPS (US$/share) | 0.009 | 0.011 | -18 |