JAKARTA. PT Medco Energi Internasional Tbk (MEDC) managed to record US$ 19.27 million in net profit in Q3 2019, much better than its record in Q3 2018 (a net loss of US$ 11.08 million). The improvement in performance is inseparable from the company's revenue which grew by 12.7%.
MEDC's audited financial report released on Monday (6/1) revealed that MEDC's revenue in the third quarter of 2019 rose by 12.7% to US$ 1.015 billion in Q3 2019, from US$ 900.6 million recorded in Q3 2018 Of that amount, oil and gas sales was the main contributor to the company's revenue (US$ 852.71 million).
Meanwhile, the company's cost of goods sold and other direct costs rose by 39.6% to US$ 576.23 million from US$ 412.74 million. (AM/AR)