Medco's net profit rises 13.4% in Jan-Sept period

Publicly listed energy company PT Medco Energi Internasional booked net profit of about US$38.35 million in the first nine months ending September, an increase of about 13.4 percent from US$33.83 million in the same period last year.

In a filing to the Jakarta Stock Exchange, the company's unaudited consolidated statement of income for the nine months ending September 30 showed that total sales and other operating revenues rose to US$641.43 million from US$578.66 million in the same period last year.

Of the total revenues, the net oil and gas sales contributed about US$436.50 million, an increase from US$407 million in the nine months ending September last year while revenues from drilling operations and related services reached a total of US$119.26 million, far higher than US$87.57 million in the Jan-Sept period last year.

The company said that the total income from operations significantly rose to US$205.97 million from US$172.87 million, while the income before tax dropped to US$131.67 million from $153.53 million. (*)