Medco sees income up by about 15 percent

IDX-listed PT Medco Energi International Tbk said it managed to deliver a strong operational performance in 2012, with its operating income increased by 14.9 percent from US$220.3 million in 2011 to US$253.2 million in 2012.

The company said in a press statement on Friday that its earnings before interest, tax, depreciation and amortization (EBITDA) was maintained at US$ 341.5 million in 2012, an increase of 5.7 percent from US$323.0 million in 2011.

During 2012, the company has managed to reach a total sales and revenues at US$909.1 million, an 11.2 percent increase compared to US$817.7 million last year.

The largest contribution to this increase comes from sales and revenues in oil and gas which makes up US$873.0 million or approximately 96 percent of the company?s total sales and revenues, while the remainder of US$36.0 million comes from sales and revenues of the other energy related business.

The increase of oil and gas sales revenues in 2012 by 9.1 percent, from the figure of US$800.5 million in 2011, was attributed to the increase in realized oil price from US$113.8/barrel in 2011 to US$115.6/barrel in 2012.

In addition, the Company has successfully renegotiated the gas price thereby increasing average selling price of its gas to US$4.03/MMBTU in 2012 from US$3.74/MMBTU in 2011.

The stable cumulative production of oil in 2012, in the range of 30 million barrels, also contributed to the Company in increasing oil and gas sales revenues.

Editing by Benget Besalicto Tnb.