MEDC Gas and Steam Power Plant

By administrator | November 4, 2020 | Mining.

MEDC Gas and Steam Power Plant. PT Medco Energi Internasional Tbk. (MEDC) spends 32.5 percent of the capital expenditure of US $ 178 million or as much as US $ 58 million (equivalent to Rp. 828.53 billion at an exchange rate of Rp. 14,285) for electricity generation. This expenditure was use through Medco Power to build a Riau Gas.

And Steam Power Plant (PLTGU) with a capacity of 275 MW and Ijen geothermal exploration drilling. Moreover, Anthony R. Mathias. Director of Planning & Finance / Independent Director of Medco Energi Internasional, said that until now. The PLTGU Riau construction process has reach 86 percent. We are optimistic that the facility will be operational in 2021.

Furthermore, said Mathias in a video conference on Friday, October 9, 2020. Mathias said that during the first semester of 2020. MEDC post revenues of US $ 551.76 million and a net loss of US $ 95.75 million. In its financial statements as of June 2020. Medco report revenue of US $ 551.76 million.

In addition to, this value decrease 7.56 percent year-on-year (yoy) from the first semester of 2019 value at IDR 596.88 million. With reference to the exchange rate of IDR 14,285.71 per US dollar, Medco Energi’s revenue in the first semester of 2020 is equivalent to IDR 7.88 trillion. This revenue was contribute by three main businesses.

Steam Power Plant and MEDC COGS

As well as, namely net oil and gas sales worth US $ 470.68 million or Rp 6.72 trillion, electricity sales and relate services at US $ 79.31 million or Rp 1.13 trillion, and US service revenues. $ 1.77 million or Rp.25.28 billion. In the midst of a decline in revenue, Medco’s cost of goods increase to US $ 349.19 million as of June 2020.

Compare to US $ 272.34 million previously. Gross profit also shrank to US $ 202.56 million from US $ 324.54 million as of June 2019. With this achievement, Medco record a loss for the current period attributable to the owners of the parent entity amounting to US $ 95.75 million or equivalent to Rp 1. 37 trillion. Last, the net loss was reverse from the previous net profit of US $ 27.86 million in the first half of 2019.