Medco?s H1 income increases sharply
Saturday, August 31 2002 - 04:39 AM WIB
JSX listed oil company PT. Medco Energi International Tbk. recorded a consolidated net profit of US$58.0 million in the first half of 2002, 50 percent higher than last year?s corresponding period net profit of $ 38,6 million. Net income per share increase from $0.012 last year to $0.018.
The company?s net revenue increased from $182.3 million first half of last year to $ 206.7 million.
The company said the increase in first semester?s net earnings was mainly due to the deletion of allowance for doubtful receivables at the amount of $16.62 million from the company?s balance sheet.
Medco is the country?s local oil producer through its subsidiary PT. Exspan Nusantara and is also parent company of Indonesia?s top drilling company Apexindo Pratama Duta. (alex)