JAKARTA - PT Medco Energi International Tbk (MEDC) plummeted 38.425 year-on-year (yoy) in the third quarter of 2023, following 4.5% decline in revenue and swollen costs of electricity sales. The profit was down to USD 257.30 million, lower than USD 417.88 million seen in the same period in 2022.

Hilmi Panigoro, President Director of MEDC, said that the company collected revenue of USD 1.66 billion in Q3 2023, shifting down from USD 1.74 billion seen in the same period in 2022. The revenue decrease was seen in users’ contract segment, down from USD 1.71 billion to USD 1.63 billion. Meanwhile, financial income rose from USD 31.17 million to USD 33.75 million.

In terms of types of goods and services, oil and natural gas sales contracts generated revenue of USD 1.43 billion, followed by construction contracts of USD 131.91 billion, electricity sale contracts of USD 37.43 million, operational and services contracts of USD 18.44 million, and other services contracts of USD 15.70 million.

The gross profit was recorded at USD 732.67 million, declining from USD 887.36 million seen Q3 2022. The downturn is due to increased cost of revenue and other direct expenses to USD 937.13 million from USD 861.22 million. The increases were seen in production and lifting costs, as well as cost of sales of electricity and other services, including service fee. (LK/ZH)