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Medco’s net profit slumps in H1
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A woman walks through the Medco Energi office in Jakarta. (Kontan/Cheppy A. Muchlis)
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ublicly listed energy firm Medco Energi International saw its net profit fall 48.6 percent year-on-year (yoy) to US$41.4 million in the first half of this year, from $80.6 million in the same period of 2017.
“The decrease was attributed to losses in the company’s mining affiliate PT Amman Mineral Nusa Tenggara (AMNT) as it accelerates the phase seven development of Batu Hijau mine in Sumbawa, West Nusa Tenggara,” the company said in a statement on Friday.
AMNT is in the process of appointing a contractor for its smelter’s front-end engineering and design (FEED).
Despite the decline in net profit, Medco’s gross profit jumped 61.5 percent yoy to $319.8 million in the first six months of this year from $198.46 million seen in the same period of 2017.
The average selling price of Medco’s oil increased 35 percent to $66.8 per barrel, while its gas price rose 9 percent to $6 per million British thermal unit (mmbtu). Subsequently, its revenue soared 42.2 percent yoy to $578.58 million.
Medco’s average oil and gas production totaled 82,400 barrels of oil per day (boepd) in the first half, a decrease from 89,800 boepd in the same period last year.
More than 95 percent of the company’s first-half revenue was in United States dollar, while approximately 60 percent of its expenditures was in rupiah. (sau)
