Medco to use U.S. dollar in its financial report
Thursday, June 6 2002 - 03:21 AM WIB
Publicly listed oil company PT Medco Energi Internasional Tbk will change the currency used in its financial report to U.S. dollar from Rupiah currency, the company said in a notice sent to the Jakarta Stock Exchange.
The company?s financial director Sugiharto said that the company had received approval from the Ministry of Finance on the use of the U.S. dollar in its financial report.
He said that with the use of the American dollar, the company?s financial report would reflect more accuracy because larger part of the company?s revenues and spending were based on U.S. dollar.
The change, however, will cause a delay in the issuance of the company?s financial report for the first quarter of this year. (*)