EMP H1 profit rises more than fourfold

EMP H1 profit rises more than fourfold

JAKARTA: PT Energi Mega Persada, Indonesia's second-biggest publicly traded oil and gas company, said net income rose more than fourfold in the six months ended June 30 on higher oil and gas revenue.

Energi earned Rp 147.4 billion US$($14.3 million) in the first half, compared with Rp 31.4 billion a year earlier, the company said in an e-mailed statement. Sales jumped to Rp 719.8 billion from Rp 300.4 billion.

Energi Mega's earnings were boosted by a rise in production and higher oil and gas prices. Crude oil prices in New York have gained 53 percent this year while natural gas for November delivery in New York has risen more than threefold in the past year.

Jakarta-based Energi said oil production in the six months gained 9 percent to 1.2 million barrels of oil, from 1.1 million. Gas output more than tripled to 20.4 billion cubic feet from 5.4 billion, the statement said. -- Bloomberg