Medco's net profit up 36%

Medco's net profit up 36%

JAKARTA: Oil producer PT Medco Energi, said Tuesday it made a nine-month net profit of $72.6 million, up 36 percent from $53.4 million a year earlier.

The figures translate to earnings per share of $0.023, rising from $0.017 in the same period last year.

Sales rose 8 percent to $312.3 million from $288.3 million a year earlier.

But the sales increase was offset by the higher cost of sales, which rose 27 percent to $140.2 million from $110.2 million. The higher costs led Medco's gross profit to fall 3.3 percent on-year to $172.1 million from $178.1 million.

Medco is 34 percent owned by Thailand's PTT Exploration & Production PCL.

As of Sept. 30, it had $7.4 million in foreign exchange gains, compared with $8.7 million a year earlier.

It booked an overall $7.1 million gain from other income, compared with $22.5 million in losses a year earlier. This pushed Medco's net higher. -- Dow Jones