JAKARTA (Yosefardi) – Oil and gas company PT Medco Energi Internasional Tbk (MEDC) suffered loss of US$289,599 in the first quarter of 2015, against US$4.69 million profit in the same period of 2014.
Sales and operating revenue declined 32.8% to US$127.7 million from previous US$189.4 million. Oil and gas sales dropped 35.4% to US$114.78 million from earlier US$177.81 million.
Total cost of sales and other direct costs declined 14.3% to US$77.9 million from US$90.7 million in the first quarter of 2014. Then gross profit dropped 49.5% to US$49.7 million from US$90.7 million a previous year.
MEDC’s assets reached US$2.65 billion while liability amounted US$1.73 billion. It has cash and cash equivalent of US$274.19 million.