Publicly listed oil and gas producer PT Medco Energi Internasional Tbk (MEDC) posted a 18.5% increase in net income for the period of 9 months ended September 30 2010 on the back of oil price and gas price surge.
Medco booked US$17.99 million net income in 9M 2010 from the previous year of US$15.18 million, underpinned by sales and operating revenue growth.
Sales coming from oil and gas inched up 19% from US$345.85 million in 9M 2009 to US$411.42 million in 9M 2010.
Medco's consolidated revenue rose 31.2% from US$482.24 million in 9M 2009 to US$632.78 million in 9M 2010.
Adding to that, gross profit soared 57.7% from US$143.94 million in 9M 2009 to US$226.94 million as of September 2010.
In line with the surge, income from operations skyrocketed 226.7% from US$35.78 million in 9M 2009 to US$116.89 million in 9M 2010. EBITDA rose 60.8% to US$188.75 million in 9M 2010 from US$117.38 million in 9M 2009.
Disclosure: No position at the stock mentioned above.
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