Thai PTTEP obtains $1.9 million net profit from Medco in Q3

Thailand energy company PTT Exploration and Production Public Company Limited (PTTEP) reported on Wednesday that it had secured a net profit of Baht 76 million (around US$1.9 million) from its associated company PT Medco Energi International Tbk in the third quarter of 2003.

For the nine-month period, the total net profit from Medco reached Baht 533 million (around US$13.3 million), PTTEP said in a report to the Stock Exchange of Thailand.

PTTEP holds 40 percent stake in New Links Energy Resources Limited, a Mauritius-based investment company that holds 85.51 percent shares in Medco.

PTTEP added that it received dividend from New Links in 2003 amounting to Baht 625 million. ?This dividend is recorded in the investment accounted for under equity method,? PTTEP explained. (robert)