Pertamina posts Rp5.74 trillion net profit in 2002

State oil and gas firm Pertamina said Tuesday it had posted gross profit of Rp13.79 trillion (US$=Rp8,400) in 2002, a 33 percent increase from previous year?s Rp10.37 trillion.

Financial and Development Controlling Agency (BPKP) had audited the company?s 2002 working plan and financial report, said Pertamina?s finance director Ainun Naim.

BPKP had assigned its AA rating to Pertamina, which meant that the company was in a very healthy condition, Ainun said.

The firm?s net profit reached 5.74 trillion in 2002, which was 115 percent higher than its plan for the year.

Its oil production reached 29.37 million barrels of oil last year, while its gas output was 258.43 billion standard cubic feet. The company said during the year it had discovered oil reserves of 283 million barrels and gas reserves of around 3 trillion cubic feet.

As for its downstream sector, Pertamina said it had processed a total of 373 million barrel of crude oil in 2002, a 93.9 percent higher its plan for the year. The rise was due to higher demand from transport, industrial, and utility sectors, Pertamina said.

Meanwhile, Ainun said Pertamina net profit in the first semester of 2003 was estimated to reach around Rp2.60 trillion. (godang)