Pertamina targets net profit to rise in 2012

State oil and gas company PT Pertamina targets net profit to reach Rp23.5 trillion in 2012, representing an increase of 32.8 percent from 2011 target of Rp17.7 trillion, company President Director Karen Agustiawan said.

She said Pertamina is upbeat the target is attainable as 2011?s net profit is likely to be higher than target at Rp20.7 trillion (unaudited), or 16.9 percent above the company?s target of 17.7 trillion.

Karen said although the company posted loss on subsidized fuel distribution of Rp640 billion and LPG distribution of Rp4.9 trillion, Pertamina expects 2011 net profit to be higher 23.4 percent (Rp20.7 trillion) compared to 2010 net profit of Rp16.78 trillion.

Pertamina targets operating income of Rp527 trillion next year, or 15.6 percent higher than 2011 of Rp456.6 trillion.

In downstream sector, Pertamina targets its lubricant sales to reach 596,000 kiloliters in 2012, up 5.4 percent from 2011 estimated sales of 565,430 kiloliters.

Its non-subsidized gasoline sales for 2012 is targeted to reach 1.7 million kiloliters, up 21 percent from 2011 expected sales of 1.4 kiloliters.

Meanwhile, its actual fuel sales to industry and marine in 2011 is estimated to reach 11.8 million kiloliters or 3 percent higher than in 2010, while aviation fuel at 3.38 kiloliters, or 9 percent higher than in 2010. (godang/giok).