Pertagas books $178.7m profit

PT Pertamina Gas (Pertagas), a subsidiary of state owned oil and gas firm PT Pertamina (Persero), booked a net profit of US$178.7 million last year, up 12 percent from $158.4 million in the previous year.

Sales rose by 12 percent to $698.6 million from $615 million, the firm said in a statement on Wednesday.

?Our performance in 2014 was fantastic. The firm managed to book a net profit of $178.7 million, aside from receiving awards in Pertamina, national and international forums,? Pertagas?s President Director Hendra Jaya said.

Sales volume reached 40.979 bbtu in 2014, up 21 percent from 33.866 bbtu in the previous year.

LPG lifting reached 385 tons per day, up 48 percent from 259 tons per day in the previous year. Meanwhile, transported crude (net) reached 12,880 bopd, up 4.2 percent from 12,352 bopd in the previous year.

Last year, the firm was investing aggressively. Projects under development last year include Muara Karang-Muara Tawar pipeline, Semarang-Gresik pipeline, Porong-Grati pipeline, Belawan-KIM-KEK pipeline. The firm has just completed the development of the Arun-Belawan pipeline and the Arun Receiving & Regassification Terminal.

The firm was also actively carrying CSR programs, spending Rp 3.5 billion for the programs.

Editing by Johannes Simbolon