Pertagas reports strong profit growth

Petromindo|Khalsa

PT Pertamina Gas (Pertagas), a subsidiary of state-owned oil and gas firm PT Pertamina, said that net profit in January-August period of this year reached US$90.6 million, which is 18 percent higher than the target set in its annual work and budget plan (RKAP).

?If compared to same period of last year, the net profit (in the eight-month period of this year) jumped by 108 percent,? said Pertagas President Director Suko Hartono in a statement issued on Sunday.

He said that the strong profit performance in the first eight months of this year is a continuation of last year? solid performance where the company booked a net profit of $159 million.

He said that the strong revenue was result of stable income from Pertagas?s various businesses including gas transportation, gas trade, and oil transport, which were the main contributors to the revenue.

Revenue from LPG processing, LNG regasification and gas compression businesses were also positive, higher than target, Suko said.

Elsewhere, Pertagas said it continues to make fresh investment to complete a number of projects such as the Gresik-Semarang gas pipeline, the PKG Looping project to supply gas for fertilizer firm PT Petrokimia Gresik; and the Grissik-Pusri gas pipeline to supply gas for PT Pupuk Sriwijaya, a fertilizer company.

?In the near future, we?ll also start the construction of Duri-Dumai gas pipeline project,? Suko said.

Editing by Reiner Simanjuntak