Pertagas profit up 29%

PT Pertamina Gas (Pertagas), a subsidiary of state owned oil and gas firm PT Pertamina, posted a net profit of Rp 1.9 trillion (US$167 million) in 2013, up 29 percent from Rp 1.21 trillion in the previous year.

The firm said its net profit steadily increased from Rp 198 billion in 2009 to Rp 555 billion in 2010 and Rp 808 billion in 2011.

The firm recorded $246.28 million in sales in 2013, up 65 percent from $149.47 million in the previous year. It sold 33.866 bbtu of gas in 2013, up from 23.070 bbtu in the previous year.

?This (the increase in sales) resulted from Pertagas?s efforts to develop its markets by among others increasing its sales for industries in West Java, East Java and fertilizer industries in South Sumatra,? President Director Hendra Jaya said in a statement.

Revenue from gas and oil transportation also increased. Revenue from LPG and lean gas trading rose significantly by 483.82 percent to $87.68 million from $15.02 million in the previous year.

The firm invested $286.64 million to expand its business in 2013, up 213.92 percent from $91.36 million in the previous year. The firm plans to invest $930 million this year, at least 76 percent of which will be allocated for the development of Arun-Belawan, Muara Karang-Tegalged, Gresik-Semarang pipelines.

Editing by Johannes Simbolon