JAKARTA (Yosefardi) – PT Medco Energi Internasional Tbk (MEDC) reported a 47% drop in net profit in the first nine months to September of this year due to higher cost.
The oil and gas producer booked net profit of US$13.29 million, compared to US$25.15 million in the same period of last year.
Sales and revenue totaled US$652.24 million, lower than previous US$659.81 million. Sales of oil and gas declined to US$615.16 million from US$643.54 million a year earlier.
In addition, cost of goods sold and other direct costs also increased to US$375.78 million from previous US$347.97 million.
MEDC’s assets totaled US$2.58 billion while liability amounted US$1.68 billion. The company has cash and cash equivalent of US$386.77 million. (yohanneso@yosefardi.biz)