Medco 2010 Profit Surges 332% - The Indonesia Today

Oil and gas company PT Medco Energi Internasional Tbk (MEDC) posted net profit of US$83.06 million in 2010, surged 332% from Rp19.23 million in 2009.

The profit jump was mainly supported by higher sales and gain from asset sales. The company recorded net earning per share (EPS) of US$0,0282 compared to US$0,0065 a year earlier.

Sales and other operating revenue increased 39% to US$929.85 million from US$667.8 million in 2009. Net sales of oil and gas totaled US$569.39 million, higher than US$470.21 million in previous year.

Cost of sales and other direct cost totaled US$173.27 million, then the company booked operating profit of US$114.49 million, a 59% rise from US$72.19 million a year earlier.

The company also booked gain on disposal of subsidiaries of US$250.73 million, helping it booked other income of US$101.34 million. In 2009, the company booked other charges of US$21.64 million.

As of December 31, 2010, Medco's assets totaled US$2.28 billion while liability amounted US$1.46 billion. It has cash and cash equivalents of US$178.86 million.