Medco?s Q1 net profit drops by 67%

IDX-listed energy firm PT Medco Energi Internasional said that its unaudited first-quarter 2009 profit fell 67 percent as revenue from energy sales dropped.

Net income fell to $7.55 million in the three months ended March 31 from $22.7 million a year earlier, Medco said in a filing to the Indonesia Stock Exchange on Thursday. Sales also fell to $134.9 million from $361.3 million in the same period of last year. (denny)