Pertamina books Q1 net profit of $677 million
Friday, June 28 2019 - 05:37 AM WIB
State-owned oil and gas firm PT Pertamina in the first quarter of this year booked a net profit of US$677 million, or representing 45.13 percent of full-year target of Rp 1.5 billion. Finance Director Pahala Mansury said on Thursday.
He, however, did not provide comparative figure for net profit in the same period of last year.
He said that profitability in the second quarter was expected to be further undermined particularly due to the sharp change in the Indonesia Crude Price (ICP). “The development of ICP in April, May, and June, which previously averaged below $60 (per barrel) has now hovered at $67-$68,” he said.
Last year, Pertamina booked a revenue of $57.93 billion, or an increase of 20.6 percent from 2017. Meanwhile, net profit last year stood at $2.64 billion, or a slight decrease from $.27 billion in 2017.
Pahala said that in line with the company’s work plan and budget, net profit this year is targeted to reach $1.5 billion, lower than last year’s $2.64 billion. Revenue this, however, is targeted to increase by 2 percent from last year’s $57.93 billion. (*)