Pertamina books 122% jump in net profit
Friday, March 17 2017 - 01:15 AM WIB
Petromindo|Boim
State-owned oil and gas company PT Pertamina booked a net profit of US$3.15 billion last year, a 122 percent jump compared to net profit in the previous year.
?The profit achievement was supported by increasing operating performance, efficiency, and creation of value added through company Breakthrough Project 2016 program,? Pertamina said in a statement issued Thursday following a shareholders meeting, which among others appointed Elia Massa Manik as the company?s new President Director.
Pertamina further said that realized oil and gas output last year stood at 650.01 mboepd. Gas sales volume reached 708.68 bbtu, or 30 percent higher than the target set in the company?s 2016 work plan and budget (WP&B).
The company last year also managed to further lower basic production cost at its oil refineries last year to 97.1 percent compared to 103.6 percent in 2015.
Pertamina said that fuel oil sales volume last year totaled 64.63 million kilo liters, or a 2.8 percent increase from the previous year. Meanwhile, LPG sales increased by 6.3 percent to 12.09 million kl.
Elia said that Pertamina this year will closely monitor oil price development, which has started to recover in the fourth quarter of last year, and the rupiah exchange rate against the US dollar, which weakened last year.
Editing by Reiner Simanjuntak