Medco?s H1 net profits rise 26.2 percent

Indonesia-listed energy firm PT Medco Energi International Tbk booked a net profit of about US$12.1 million during the first half of the year, an increase of 26.2 percent from $9.6 million recorded in the same period, last year.

The company said in a press release on Wednesday that the significant increase in the net profit was partly caused by the increase in oil and gas prices and the start of gas sales in the domestic market.

?The average price of realized oil sales rose 46.7 percent to $80.48 per barrel in the first half, while the average price of realized gas sales rose 15.6 percent to 3.56 per mmbtu,? he said.

During the first six months 2010, Medco?s oil, gas sales rose 3.5 percent to 55.49 MBOEPD, but the company did not give the breakdown of oil and gas sales. (denny)