Medco Q1 profit falls 54 percent

Medco Q1 profit falls 54 percent

JAKARTA: PT Medco Energi International, Indonesia's largest publicly traded oil company, said first-quarter profit fell 54 percent on higher costs.

Net income fell to US$13 million, or 0.4 cent a share, in the three months ended March 31, from $28.2 million, or 0.9 cent, a year earlier, the Jakarta-based company said in a statement.

Sales rose 5 percent to $111.2 million from $106.3 million. The cost of sales, which includes payments for electricity and labor, rose 52 percent to $67.9 million from $44.5 million. Medco's crude oil production may fall to between 58,000 and 60,000 barrels per day this year, from 70,000 barrels last year, Chief Financial Officer Sugiharto said earlier this month.