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