Medco's profit up 44%<\/p>\n
JAKARTA: PT Medco Energi International, Indonesia's largest
\npublicly traded oil company, said profit in the first nine months
\nof the year rose 44 percent because of higher crude oil prices.<\/p>\n
Net income rose to US$68.4 million, or 2.2 cents a share, in
\nthe period ended Sept. 30, from $47.8 million, or 1.54 cents, a
\nyear earlier, the Jakarta-based company said in an e-mail on
\nTuesday. Sales rose to $442.2 million from $392.6 million.<\/p>\n
The company's sales from selling oil and gas jumped 17 percent
\nto $306.4 million during the nine months, helped by an increase
\nin oil prices. Medco received $6.6 million in sales of
\nelectricity in the nine months through September, as it started
\nselling power in December last year.<\/p>\n
Medco joins oil producers including Exxon Mobil Corp. and
\nRoyal Dutch Shell Plc in benefiting from higher oil prices, which
\nsurged to a record $70.85 a barrel on Aug. 30. Crude oil prices
\non the New York Mercantile Exchange on Tuesday were 19 percent
\nhigher than a year ago and traded at $59.78 at 12:11 p.m.
\nSingapore time in after-hours electronic trading. -- Bloomberg<\/p>",
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