Pertamina's Q1 profit much lower than target

State-owned oil and gas company PT Pertamina saw its net profit in the first quarter of this year to be much lower than target due to the drop in global crude price and weakening of the rupiah against the US dollar, reports said on Thursday.

Pertamina President Director Dwi Soetjipto said that net profit during the March quarter was US$28 million, far below the $427 million set in its work and budget plan.

Dwi was quoted by Kontan as saying that revenue in the quarter reached $10.67 billion, or 13 percent lower than the $12.31 billion target.

He said the company had also suffered losses in selling fuel products as selling price was lower than purchasing cost of raw materials.(*)