MedcoEnergi 2004 net profit up 30% on higher oil prices

Publicly listed energy firm PT Medco Energi International said Monday its consolidated net profit rose nearly 30 percent in 2004 to US$70.12 million ($0.0226 per share) on the back of higher global oil prices.

The company was quoted by Dow Jones as saying that oil and natural gas sales increased 17 percent to $352.36 million from $301.07 million a year before, boosting total sales and revenue to $535.10 million from $448.99 million.

The company didn't comment on its 2004 performance. (*)