MEDCO POSTS HIGHEST PROFIT SINCE 1980

Jakarta, March 31 (ANTARA) - PT Medco Energi Intenasional posted a net profit of US$280.2 million in 2008, the highest it had recorded since 1980, Medco finance director D Cyril Noerhadi said.

Noerhadi said here on Tuesday that the net income in 2008 was 34 times the profit gained in the previous year which stood at US$6.6 million only.

"The net profit in 2008 increased 43 times if compared with that in 2007 which was only US$6.6 million," he said.

He said the company`s sales and income in 2008 recorded the highest proceeds ever in its history, namely US$1.3 billion, or an increase by 19.3 percent compared with that in 2007 which was US$1.1 billion.

Cyril said that the increase in his company`s sales was triggered by the rise of the world crude price to US$100.6 per barrel and gas US$4.2 per million Million British Thermal Units (MMBTU).

The other factor is the rise in the sales of other oils and chemicals as a result of the increase in the price of methanol and diesel oils and electricity sales.

He said that the sale of all stake in Medco`s subsidiary PT Apexindo Pratama Duta and 25 percent of Blok Tuban`s shares earned it a profit of US$260.5 million.

According to Cyril his company`s production cost in 2008 increased 12.9 percent to US$776.3 million from US$687.7 million a year earlier.***2***