Medco posts highest profit since 1980

The Jakarta Post   |  Tue, 03/31/2009 8:52 PM  |  Business

PT Medco Energi Intenasional posted a net profit of US$280.2 million in 2008, the highest it had recorded since 1980, Medco finance director D Cyril Noerhadi said as reported by Antara newswire.

Noerhadi said in Jakarta on Tuesday that the net income in 2008 was 34 times the profit gained in the previous year which stood at $6.6 million only.

"The net profit in 2008 increased 43 times if compared with that in 2007 which was only $6.6 million," he said.

He said the company's sales and income in 2008 recorded the highest proceeds ever in its history, namely $1.3 billion, or an increase by 19.3 percent compared to the $1.1 billion gained a year before.

Cyril said that the increase in his company's sales was triggered by the rise of the world crude price to $100.6 per barrel and gas $4.2 per million Million British Thermal Units (mmbtu).

The other factor is the rise in the sales of other oils and chemicals as a result of the increase in the price of methanol and diesel oils and electricity sales.

He said that the sale of all stake in Medco's subsidiary PT Apexindo Pratama Duta and 25 percent of Blok Tuban's shares earned it a profit of US$260.5 million.

According to Cyril his company's production cost in 2008 increased 12.9 percent to $776.3 million from $687.7 million a year earlier.
 

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