Medco's net profit increases 100 percent
Friday, August 25 2000 - 03:30 AM WIB
PT Medco Energi Internasional Tbk, a publicly listed oil company, booked a net profit of Rp 349 billion (US$=Rp 8400) during the first semester of this year, rising by about 100 percent from Rp 169 billion during the first six months last year, Bisnis Indonesia reported on Friday.
Medco's finance director Sugiharto attributed the surge in profit to the increase in crude oil prices and oil production.
He said that the company's average crude oil production rose to 62,800 barrels per day during the January-June period from about 38,500 barrels per day during the first half last year, while the average crude oil prices rose to US$27.1 per barrel from US$14 per barrel in the same period.
The surge in the profit still saw a significant increase although the average exchange rate of the rupiah against the U.S. dollar rose to Rp 7,970 from Rp 8,243, and the rise in expenditure from Rp 410 billion to Rp 417 billion.
The rise in the production and prices had resulted in a 60 percent increase in the company's total revenues to Rp 1.7 trillion during the first half of this year from Rp 0.73 trillion during the corresponding period in 1999. (*)